HSF assists BP in renewable-energy hub stake

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HSF assists BP in renewable-energy hub stake

Herbert Smith Freehills (HSF) advised British oil and gas company BP in acquiring a 40.5 per cent stake and the operatorship of the Asian Renewable Energy Hub (AREH) project in Pilbara, Western Australia.

The project is anticipated to be one of the world’s largest green hydrogen production facilities with an expected annual output of 1.6 million tonnes of green hydrogen or 9 million tonnes of green ammonia.

Norton Rose Fulbright advised green fuel developer InterContinental Energy, the main project participant in the AREH besides CWP Global, Macquarie Capital and Macquarie’s Green Investment Group. InterContinental Energy will be the second major stakeholder with a 26.4 per cent share following the deal. CWP will own 17.8 per cent of the project with Macquarie Capital and Macquarie’s GIG holding the remaining 15.3 per cent.

Herbert Smith Freehills’ transaction team was led by partner and head of energy for Australia Nick Baker with support from other Melbourne-based partners Neena Aynsley and Alison Dodd. Perth-based partners Melanie Debenham and David Hugo, Sydney-based partner Linda Evans and London-based partners Sarah Pollock and Laura Hulett also supported.

Norton Rose Fulbright’s energy team is led by partner Ben Smith in Singapore and is supported by senior associate Chris Bell in Singapore.

Covering a 6,500 square kilometres, the AREH is anticipated to include onshore wind and solar power potentially producing up to 26GW of capacity across multiple phases. The AREH is one of four world-scale green hydrogen projects that InterContinental Energy is developing. The others are Green Energy Oman (25GW), Western Green Energy Hub (up to 50 GW across 15,000km2) and the Saudi Arabia Renewable Energy Hub.