JAKARTA -- Japanese trading house Sumitomo Corp. on Thursday signed a partnership agreement with an Indonesian partner of Power Construction Corp. of China (PowerChina) to jointly develop a hydroelectric power station estimated to cost $17.8 billion on the island of Borneo.
The Kayan Cascade project will include a series of dams and is part of China's Belt and Road Initiative, a huge infrastructure-building program stretching from Asia to Europe. Sumitomo is joining the hydropower project, which is being developed in North Kalimantan province in the Indonesian part of Borneo. It was launched by Kayan Hydro Energy (KHE), which is affiliated with PowerChina.
