Germany's Augustus Global Investments plans to invest $500 million next year to build a green hydrogen plant in Indonesia's Aceh province, Chief Executive Fadi Krikor said on Monday.

Krikor told reporters in Jakarta that the planned plant would have an annual capacity of 35,000 tonnes of green hydrogen, which is hydrogen produced using renewable energy sources.

The company signed preliminary agreements with Indonesian state-owned fertiliser companies PT Pupuk Indonesia and PT Pupuk Iskandar Muda and state-owned utility PT Perusahaan Listrik Negara, Providing power supply and building sites for planned investments.

"We expect to start construction in 2024 and we expect to start production in 2026." Krikor added that hydrogen produced by the project could be exported to Germany, Japan and other Southeast Asian countries. Pupuk Iskandar Muda chief executive officer Budi Santoso Syarif said the plant would be built in an industrial zone belonging to the company. Editor/Xu Shengpeng