Indonesia's PP and South Korea's Hyundai have secured a US$339.4 million contract for the construction of an 88-MW hydropower plant in Indonesia.
The hydro plant will be built in Sumatra's Aceh province.
The contract comes in line with Indonesia's plan to increase its power supply over the next few years and South Korea's strategy to venture into Asian manufacturing investments.
In other news, The World Bank has approved a US$640 million loan to assist with the development of the Upper Cisokan pumped-storage hydropower project in Indonesia.
Construction of the hydropower project, to be constructed near Bandung, West Java, is expected to be completed in 2016 at a total cost of US$800 million, reports indicate.
Indonesia's state owned electricity company, PLN, will provide the remaining project cost of US$160 million, media reports indicate.
The Upper Cisokan hydropower project includes construction of a dam and 1,040-MW hydro plant at the catchment of the Upper Cisokan River.
The hydropower plant is expected to begin operation by 2016.