LONDON (ShareCast) - (Sharecast News) - Gas and oil giant BP has taken a 40.5% stake in a renewable energy hub in Western Australia's Pilbara region for an undisclosed sum.
The Asian Renewable Energy Hub (AREH) plans to generate up to 26GW of wind and solar energy, around a third of the electricity currently generated in Australia.

BP will operate the hub. Other investors include InterContinental Energy, CWP Global and Macquarie Group.

The British energy giant said that at full capacity the AREH would be able to reduce annual carbon output by 17m tonnes. The Pilbara is a major mining hub generating substantial greenhouse gas emissions.

The company's executive vice-president of gas and low carbon energy, Anja-Isabel Dotzenrath, said Areh could become a "cornerstone project".

"Areh is set to be one of the largest renewable and green hydrogen energy hubs in the world and can make a significant contribution to Australia and the wider Asia Pacific region's energy transition," she said.

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