BP to buy Macquarie’s 15% stake in $36bn Australian hub


February 28, 2024

BP is poised to grow its ownership in the 26GW Australian Renewable Energy Hub to 64% by acquiring Macquarie Group’s 15.25% stake.

The A$55bn ($36bn) hub in Pilbara, Western Australia, is set to be made up of 26GW solar and wind capacity for green ammonia production. Macquarie bought a stake in the project in 2019, but the Sydney Morning Herald has reported that it is now set to exit the scheme.

The other owners in the project are InterContinental Energy, which holds a 26% stake, and CWP Global (10%).

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