British oil and gas giant BP has agreed to acquire a 40.5% stake and the operatorship of the Asian Renewable Energy Hub (AREH) in Pilbara, Western Australia.

The AREH project is being developed by InterContinental Energy, CWP Global, Macquarie Capital and Macquarie’s Green Investment Group (GIG).

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Following the deal, InterContinental Energy will be the second major stakeholder in the project, with 26.4%.

CWP will own 17.8% of the project, with Macquarie Capital and Macquarie’s GIG holding the remaining 15.3% share.

BP intends to assume operations of AREH from 1 July subject to approval.

Covering a 6,500km² area, AREH has the potential to support the development of up to 26GW of combined solar and wind power generating capacity, which is equivalent to more than 90TWh a year.

It also has the capacity to produce 1.6 million tonnes per annum (Mtpa) of green hydrogen or 9Mtpa of green ammonia, making it one of the world’s largest renewables and green hydrogen energy hubs.

The project will be developed in various phases and is expected to displace nearly 17Mtpa of carbon emissions once fully operational.

BP expects AREH to offer a significant net renewable generating capacity and support the company’s aim to hold a 10% share in core hydrogen markets worldwide.

BP Gas and Low Carbon Energy executive vice-president Anja-Isabel Dotzenrath said: “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.

“It truly reflects what integrated energy is – combining solar and onshore wind power with hydrogen production and using it to help transform sectors and regions.

“We believe AREH can be a cornerstone project for us in helping our local and global customers and partners in meeting their net-zero and energy commitments.”