ReNu Energy Limited and its wholly owned subsidiary, Countrywide Hydrogen Pty Ltd. (Countrywide) announced the signing of a Memorandum of Understanding (MoU) with Anantara Energy Holdings Pte Ltd. (Anantara) for the development of a production facility for the supply of green hydrogen to Indonesia and, once local demand is met, to export to other countries in the Asia region and potentially Europe. Under the terms of the MoU Anantara and Countrywide will jointly study the development of a green hydrogen production facility utilising solar PV renewable power in the Karimun Special Economic Zone (SEZ) in the Riau Archipelago. The MoU outlines: Countrywide and Anatara's intention to jointly conduct and fund a concept study and, subject to the results of the concept study, a feasibility study to establish a green hydrogen production facility in the Karimun SEZ.

The planned concept and feasibility studies will cover an initial 10MW electrolyser producing approximately 1,650 tonnes of hydrogen per year. If supported by the feasibility study, Anantara will develop, fund, and operate at least 100 MWp of solar PV which will provide clean energy to the facility. The facility is intended to supply green hydrogen to offtakers in Indonesia, as well as for export to overseas markets.

Subject to a positive outcome of the studies, it is expected that the financial close for a green hydrogen production facility can occur in 2024 with green hydrogen production beginning in 2025.