- Masdar will purchase an undisclosed interest in BP Plc’s HyGreen Teesside project.
- According to BP, the two projects may generate 15% of the UK government’s aim of 10 GW of hydrogen production.
Masdar, a UAE-based renewable energy company, will purchase an undisclosed interest in BP Plc’s HyGreen Teesside project in the North East of England, which would establish a complex capable of producing up to 500 MW of green hydrogen.
BP said that it and Masdar had signed a memorandum of understanding (MoU) addressing the planned transaction. However, there were no specifics regarding the deal or the financial arrangements available.
The HyGreen facility, which will be built on Teesside, will start producing hydrogen in 2025 with a capacity of 60 megawatts to reach 500 megawatts by 2030. According to BP, the two projects may generate 15% of the UK government’s aim of 10 GW of hydrogen production by 2030, with a combined capacity of 1.5 GW.