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

The planned facility would have an annual output capacity of 35,000 metric tons green hydrogen, hydrogen produced using renewable energy, Krikor told reporters in Jakarta.

The company signed an initial deal with Indonesian state-owned fertiliser company PT Pupuk Indonesia and PT Pupuk Iskandar Muda and state utility company PT Perusahaan Listrik Negara for power supply and contruction site for the planned investment.

"We expect construction to start next year in 2024, we expect to start production by 2026," Krikor said, adding that the hydrogen produced from the project could be exported to Germany, Japan, and other Southeast Asian countries.

Pupuk Iskandar Muda CEO Budi Santoso Syarif said the plant would be built at an industrial area belonging to his company.

(Reporting by Bernadette Christina; Editing by Rashmi Aich)