Deal: Herbert Smith Freehills has advised bp on its investment in the proposed Asian Renewable Energy Hub.

Value: Undisclosed

Area: Energy

Key players: The transaction team was led by partner and head of energy Nick Baker, with support from partners Neena Aynsley, Alison Dodd, Melanie Debenham, David Hugo, Linda Evans, as well as London-based energy partners Sarah Pollock and Laura Hulett, senior associates Christina Wheeler and Michael D’Agostino and solicitors Kate Strachan and Sarah-Anne Butler.

Bp’s deal team was led by Ian Spafford, Andy Waters, Nick Shaw, Sally Prickett, Daniel Saville and Steve Delic. 

Deal significance: In addition to acquiring a 40.5 per cent share, bp will also operate the project based in Western Australia’s Pilbara region.

The Asian Renewable Energy Hub is anticipated to include onshore wind and solar power, potentially producing up to 26 gigawatts of capacity across multiple phases. Once fully operational, the Asian Renewable Energy Hub could be one of the largest green hydrogen production facilities in the world, with an expected annual output of 1.6 million tonnes of green hydrogen or 9 million tonnes of green ammonia each year.

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Commenting on the deal, Mr Baker said that HSF was “delighted to have supported bp in this significant advancement of its hydrogen and renewables strategy”.

“There is no question that this is a demonstration of the ambitious steps needed to safeguard Australia’s energy future. We congratulate bp and its co-shareholders on this important milestone,” he said.