ACWA Power, Indonesia's PLN to explore energy storage, H2 projects

Saudi Arabia's ACWA Power (TADAWUL:2082) said on Thursday that it has signed a memorandum of understanding (MoU) with Indonesian state-owned power company PT Perusahaan Listrik Negara (PLN) to pursue the development of energy storage and green hydrogen projects in Indonesia.

Under the new partnership, the companies will work to deliver a project study for pumped-storage hydroelectric plant of 600 to 800 MW of capacity, investigate the possibility for a 4,000-MW battery energy storage system and the development of a hydropowered green hydrogen/ammonia facility, ACWA Power said.

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Through the latest agreement, the Saudi investor in water and power plants continues its relationship with PLN, which started less than a month ago when the two struck a development deal for 110 MW of floating solar projects in Indonesia. The floating solar contract paved the way for ACWA Power’s entry into the Indonesian market.

“As a nation that is fast tracking economic growth, Indonesia is focussed on advancing sustainable development through strategic partnerships. With the signing of this extensive renewable energy and green hydrogen MoU with PT Perusahaan Listrik Negara (PLN), we are delighted to extend our collaboration and strengthen our presence in the country,” said Paddy Padmanathan, Chief Executive Officer and Vice Chairman of ACWA Power.