BP to take 40.5% stake in 26 GW megaproject in WA

BP, the world’s largest oil company, has announced that it will become the primary stakeholder and operator of the Asian Renewable Energy Hub, one of the world’s largest renewable energy projects.

The $36 billion project’s scope has grown to 26 GW, and it is expected to start producing power in 2027. Last year, when the project’s request was denied by then-federal environment minister Sussan Ley due to environmental concerns, it provoked outrage.

InterContinental Energy and CWP Global, among the project’s creators, were unmoved, claiming they would revise the idea.

BP will operate the project on behalf of the other owners InterContinental Energy (26.4 percent), CWP Global (17.8 percent) and Macquarie Capital, and Macquarie’s Green Investment Group (15.3 percent).

The project would “catalyze major new manufacturing and mineral processing prospects for WA,” according to the Western Australian government, which has been “working closely with Intercontinental Energy and BP to get the project to this level.”

In addition, the project promises at least 3 GW of generation capacity for Pilbara energy customers.