{"id":10,"date":"2026-10-24T05:14:39","date_gmt":"2026-10-24T05:14:39","guid":{"rendered":"https:\/\/oirtas.com\/projects\/?p=10"},"modified":"2026-10-25T01:05:39","modified_gmt":"2026-10-24T18:05:39","slug":"indonesia-waste-to-energy-strong-lender-demand-rests-on-sovereign-backed-risk-transfer","status":"publish","type":"post","link":"https:\/\/oirtas.com\/projects\/2026\/10\/24\/indonesia-waste-to-energy-strong-lender-demand-rests-on-sovereign-backed-risk-transfer\/","title":{"rendered":"Indonesia Waste-to-Energy: Strong Lender Demand Rests on Sovereign-Backed Risk Transfer"},"content":{"rendered":"\r\n<pre class=\"wp-block-code\"><code><\/code><\/pre>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\"><strong> 24 October 2026 | Sector: Power, Waste Infrastructure | Country: Indonesia<\/strong><\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">Key points<\/h3>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Indicative debt interest in Danantara&#8217;s waste-to-energy program exceeds three times estimated requirements, supported by contractual protections in Presidential Regulation (Perpres) 109\/2025.<\/li>\r\n\r\n\r\n\r\n<li>Price, offtake, land and permitting risks sit with PLN, the state budget and regional governments. Lenders retain mainly construction and technology risk.<\/li>\r\n\r\n\r\n\r\n<li>The USD0.20\/kWh tariff is about twice Vietnam&#8217;s waste-to-energy tariff and roughly 2.8 times the last published national generation cost in Indonesia.<\/li>\r\n\r\n\r\n\r\n<li>Estimated annual cost above PLN&#8217;s generation cost is Rp3.2 to 5.6 trillion across 17 sites, depending on plant output and cost assumptions.<\/li>\r\n\r\n\r\n\r\n<li>PLN is rated BBB\/Negative by Fitch, equalised with the sovereign. Credit quality of the program is effectively a function of sovereign support and timely compensation payments.<\/li>\r\n<\/ul>\r\n\r\n<!-- \/wp:post-content -->\r\n\r\n<!-- wp:more -->\r\n<!--more-->\r\n<!-- \/wp:more -->\r\n\r\n<!-- wp:html -->\r\n<!-- wp:heading -->\r\n<h2 class=\"wp-block-heading\">The news<\/h2>\r\n<!-- \/wp:heading -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>Danantara has appointed 34 financial institutions to a lenders panel for its Pengolahan Sampah menjadi Energi Listrik (PSEL) program, which converts municipal waste into electricity. The panel was formed through PT Danantara Investment Management and its subsidiary PT Daya Energi Bersih Nusantara (Denera), with PT Indonesia Infrastructure Finance as financial adviser. Members include multilateral and bilateral development lenders, state-owned Himbara banks, private and international banks, sharia banks and climate fund managers. Danantara reported indicative financing interest above three times the program&#8217;s estimated debt requirement.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>On 19 October, Denera stated that debt for the eight phase II sites is estimated at about USD1 billion, against more than USD4 billion in indicated appetite and tenors of up to 23 years. The program now covers 17 sites serving 33 regencies and cities. Construction has started at three phase I sites: Denpasar (8 July), Bekasi City (26 August) and Bogor (17 September 2026).<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:heading -->\r\n<h2 class=\"wp-block-heading\">Risk allocation under Perpres 109\/2025<\/h2>\r\n<!-- \/wp:heading -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>The regulation places most commercial risk on public entities. PLN must purchase all output at USD0.20\/kWh for every plant size, over a 30-year term from commercial operation, with no negotiation and no escalation (Article 19). Plants receive must-dispatch priority up to annual contracted energy. Where these purchases raise PLN&#8217;s generation cost, including grid connection, Article 20 entitles PLN to full compensation, paid from the state budget (APBN). Revenue from power sales belongs entirely to the developer.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>Regional governments carry feedstock and site risk. Each region must deliver at least 1,000 tonnes of waste per day for the plant&#8217;s life, fund collection and haulage from its own budget (APBD), and provide land on a free loan basis (Article 4). Cooperation agreements must include compensation for supply shortfalls (Article 17), and developers face no take-or-pay penalty when output falls because of insufficient regional waste (Article 19(6)(c)). Environmental approval (Amdal) is due within two months of a complete application and is issued automatically through the OSS licensing system if the deadline lapses (Article 18).<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>For lenders, the result is dollar-denominated revenue from a state-owned offtaker, a budget backstop for the offtaker&#8217;s added cost, free land and accelerated permitting. Residual exposure is concentrated in construction delivery and plant performance. The oversubscription is best read as a measure of these protections, and it provides limited evidence on the underlying cost-efficiency of the plants.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:heading -->\r\n<h2 class=\"wp-block-heading\">Project pipeline<\/h2>\r\n<!-- \/wp:heading -->\r\n\r\n<!-- wp:table -->\r\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Phase<\/th><th>Site<\/th><th>Selected partner (lead)<\/th><th>Status<\/th><\/tr><\/thead><tbody><tr><td>I<\/td><td>Denpasar Raya<\/td><td>Zhejiang Weiming (China)<\/td><td>Construction from 8 Jul 2026<\/td><\/tr><tr><td>I<\/td><td>Kota Bekasi<\/td><td>Wangneng Environment (China)<\/td><td>Construction from 26 Aug 2026<\/td><\/tr><tr><td>I<\/td><td>Bogor Raya 1<\/td><td>Zhejiang Weiming (China)<\/td><td>Construction from 17 Sep 2026<\/td><\/tr><tr><td>II<\/td><td>Medan Raya<\/td><td>SUEZ-IAN Consortium (France)<\/td><td>Conditional award, design stage<\/td><\/tr><tr><td>II<\/td><td>Kabupaten Bekasi<\/td><td>Everbright Cemerlang Energy (China)<\/td><td>Conditional award, design stage<\/td><\/tr><tr><td>II<\/td><td>Lampung Raya<\/td><td>Bumi Biru Indonesia<\/td><td>Conditional award, design stage<\/td><\/tr><tr><td>II<\/td><td>Serang Raya<\/td><td>Masa Depan Energi Indonesia (Chandra Asri group)<\/td><td>Conditional award, design stage<\/td><\/tr><tr><td>II<\/td><td>Semarang Raya<\/td><td>Veolia Environmental Services Asia (France)<\/td><td>Conditional award, design stage<\/td><\/tr><tr><td>II<\/td><td>Surabaya Raya<\/td><td>Mentari Citra Lestari (Bakrie Power)<\/td><td>Conditional award, design stage<\/td><\/tr><tr><td>II<\/td><td>Bogor Raya 2<\/td><td>MPM-CEVIA Consortium<\/td><td>Conditional award, design stage<\/td><\/tr><tr><td>II<\/td><td>Yogyakarta Raya<\/td><td>Cakra Energi Lestari (Pertamina NRE)<\/td><td>Conditional award, design stage<\/td><\/tr><\/tbody><\/table><\/figure>\r\n<!-- \/wp:table -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>Phase II partners hold Conditional Letters of Award and must meet all conditions before a Final Letter of Award; reserve bidders are in place for each site. Each plant is designed for at least 1,000 tonnes of waste per day. Danantara plans to list Denera on the Indonesia Stock Exchange by end-2028, once projects generate cash flow, and intends to raise its ownership to at least 51% in the second phase.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:heading -->\r\n<h2 class=\"wp-block-heading\">Fiscal cost<\/h2>\r\n<!-- \/wp:heading -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>The tariff is set well above PLN&#8217;s average generation cost. The latest national generation cost (BPP) in an official decree is Rp1,027.70\/kWh, or 7.05 US cents, for 2020 (Kepmen ESDM 169.K\/HK.02\/MEM.M\/2021); no later official figure was located. The PSEL tariff is about 2.8 times that level and about 50% above the 13.35 cents paid to the Benowo gasification plant built under the previous scheme. The Deputy Minister of Energy acknowledged in February 2026 that the tariff likely exceeds PLN&#8217;s cost and that the gap would be treated as a subsidy.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>The base case assumes 20 MW per 1,000 tonnes of daily waste, an 80% capacity factor and the JISDOR rate of Rp18,069\/USD on 23 October 2026. On these assumptions, each plant generates about 140 GWh a year, and PLN pays about USD28 million (Rp507 billion) annually. With generation cost of 7 to 10 cents\/kWh, the cost above PLN&#8217;s generation cost is Rp253 to 329 billion per plant per year, or Rp7.6 to 9.9 trillion over 30 years. Across 17 sites, the annual gap is Rp4.3 to 5.6 trillion, equivalent to 3.3% to 4.3% of the Rp130.11 trillion electricity subsidy in the 2027 budget law. At the earlier target of 33 sites, it would reach Rp8.4 to 10.9 trillion.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p><strong>Sensitivity: annual cost above PLN generation cost, 17 sites (Rp trillion)<\/strong><\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:table -->\r\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Capacity factor<\/th><th>BPP 7 cents<\/th><th>BPP 10 cents<\/th><\/tr><\/thead><tbody><tr><td>60%<\/td><td>4.2<\/td><td>3.2<\/td><\/tr><tr><td>70%<\/td><td>4.9<\/td><td>3.8<\/td><\/tr><tr><td>80%<\/td><td>5.6<\/td><td>4.3<\/td><\/tr><\/tbody><\/table><\/figure>\r\n<!-- \/wp:table -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>Lower output reduces the subsidy gap, but it also means less waste processed per rupiah spent. The dollar tariff transfers currency risk to PLN for 30 years. At Rp20,000\/USD and an 80% capacity factor, the 17-site gap rises to Rp4.8 to 6.2 trillion a year. These figures are analytical estimates and have not been confirmed by the Ministry of Finance or PLN. No separate budget line for PSEL compensation has been identified in 2027 budget documents.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:heading -->\r\n<h2 class=\"wp-block-heading\">Regional tariff comparison<\/h2>\r\n<!-- \/wp:heading -->\r\n\r\n<!-- wp:table -->\r\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Country<\/th><th>Tariff for waste incineration power<\/th><th>Term<\/th><th>Note<\/th><\/tr><\/thead><tbody><tr><td>Indonesia (Perpres 109\/2025)<\/td><td>USD0.20\/kWh, flat<\/td><td>30 years<\/td><td>No escalation; tipping fee removed<\/td><\/tr><tr><td>Vietnam (Decision 31\/2014)<\/td><td>USD0.1005\/kWh<\/td><td>Not stated<\/td><td>Landfill gas at USD0.0728\/kWh<\/td><\/tr><tr><td>Thailand (VSPP FiT, 2014)<\/td><td>THB5.08\/kWh for plants above 3 MW<\/td><td>20 years<\/td><td>Fixed plus variable component<\/td><\/tr><tr><td>China<\/td><td>CNY0.65\/kWh for first 280 kWh per tonne<\/td><td>Not stated<\/td><td>Central subsidy ended for plants connected from 2023<\/td><\/tr><\/tbody><\/table><\/figure>\r\n<!-- \/wp:table -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>At indicative exchange rates of THB33\/USD and CNY7\/USD, Thailand&#8217;s tariff equals about 15 cents and China&#8217;s about 9 cents per kWh; these conversions are approximate. Indonesia&#8217;s tariff is the highest in this group and is about twice Vietnam&#8217;s. Indonesia also folds the waste processing cost into the electricity price after removing the regional tipping fee. The Chinese experience is relevant for investors: national incineration capacity reached one million tonnes per day by June 2024, 34% above the five-year plan target, and more than 40% of capacity was reported unused. Subsidies were then withdrawn progressively.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:heading -->\r\n<h2 class=\"wp-block-heading\">Offtaker credit<\/h2>\r\n<!-- \/wp:heading -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>PLN&#8217;s credit profile is closely tied to the sovereign. In June 2026 Fitch affirmed PLN at BBB with a Negative Outlook, equalised with Indonesia&#8217;s rating, and assessed its standalone credit profile at bbb-. Net leverage rose to 4.3x at end-2025 because of delayed compensation receipts. PLN recorded Rp200 trillion in subsidy and compensation income in 2025 against EBITDA of Rp93 trillion, so government payments already exceed its operating earnings. Since 19 November 2025, compensation is paid at 70% monthly, with the balance after the annual audit; Fitch reported the mechanism worked broadly on time in early 2026.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>PSEL purchases add to this dependency. The Ministry of Energy proposed Rp165.59 trillion in electricity compensation and Rp108.43 trillion in subsidy for 2027. A program-wide gap of several trillion rupiah is small relative to these totals, but it is a fixed dollar obligation for three decades. A downgrade of the sovereign or a slowdown in compensation payments would flow directly into PLN&#8217;s capacity to pay developers.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:heading -->\r\n<h2 class=\"wp-block-heading\">Governance and structure<\/h2>\r\n<!-- \/wp:heading -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>Danantara holds several roles in the same transaction chain. Article 5 assigns it, through its holdings or state-owned subsidiaries, to select developers and to invest in projects. PLN, the offtaker, is also managed under Danantara. Investment returns accrue to Denera and its partners, while the above-cost purchase price is recorded at PLN and recovered from the state budget. Projects can therefore report solid returns within Danantara&#8217;s portfolio while the consolidated cost to the state remains high. Kiwoom Sekuritas described the scheme in October 2025 as a transfer of fiscal burden to PLN.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>Procurement has been competitive to date. Phase II drew 68 bids from 85 prequalified providers for eight sites; four winning consortia are led by Indonesian firms, two by French firms and two by Chinese firms. Article 15 nonetheless permits direct appointment where the Environment Minister declares a waste emergency, which leaves room for discretion in later phases. A planned IPO of Denera would require clearer separation between Danantara&#8217;s roles as selector, investor and owner of the offtaker.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:heading -->\r\n<h2 class=\"wp-block-heading\">Operational and feedstock risk<\/h2>\r\n<!-- \/wp:heading -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>Track record is weak. Perpres 35\/2018 designated 12 cities for waste power plants, and by March 2025 only two were operating, Benowo in Surabaya and Putri Cempo in Surakarta. Perpres 109\/2025 states that its predecessor was not effective. The policy response has been a higher tariff and centralised procurement.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>Feedstock quality is the main technical constraint. Food waste accounted for 40.77% of national waste in 2025, according to the national waste information system (SIPSN). Wet organic waste has low calorific value, which lowers energy yield and often requires pre-drying. Putri Cempo was projected to deliver 5 MW against a 10 MW target. Shortfalls of this kind reduce plant revenue and shift compensation obligations to regional governments, whose fiscal capacity varies widely.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>The 30-year minimum supply clause also conflicts with Law 18\/2008 on Waste Management, which prioritises reduction at source. Regions that expand separation or recycling may face compensation claims for lower deliveries. This creates policy reversal risk if environmental objectives later take priority. WALHI has called for Perpres 109\/2025 to be reviewed, citing emissions, ash management and fiscal cost.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:heading -->\r\n<h2 class=\"wp-block-heading\">ESG and taxonomy eligibility<\/h2>\r\n<!-- \/wp:heading -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>Taxonomy treatment differs between Indonesia and Europe. OJK&#8217;s consultative paper for version 3 of the Indonesian Taxonomy for Sustainable Finance (TKBI) places waste-to-energy, excluding organic waste, under non-hazardous waste treatment. It classifies a facility as Green at net energy efficiency of at least 25% and as Transition at 10% to 25%, with separate targets for metal recovery from bottom ash of at least 75% and 50%. Facilities below 10% do not qualify. Given the high organic share of Indonesian waste, achieving the Green threshold is uncertain and should be tested plant by plant.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>The EU Sustainable Finance Taxonomy excludes waste incineration from activities that contribute to climate change mitigation, and EU policy aims to minimise incineration. European investors, and DFIs that align with EU standards, may therefore face eligibility limits or require stricter safeguards on emissions, ash disposal and the livelihoods of informal waste pickers. Denera states its incinerators will meet European emission standards, but independent monitoring data are not yet available.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:heading -->\r\n<h2 class=\"wp-block-heading\">Regulatory and disclosure risk<\/h2>\r\n<!-- \/wp:heading -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>Two clauses warrant attention in contract review. Article 19(3) allows the Minister of Energy to review the purchase price in certain circumstances, without defining those circumstances. Article 25 requires regions to run plants without central subsidy once cooperation agreements expire, which matters for terminal value and asset transfer terms.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>Disclosure remains limited. Danantara&#8217;s equity share, pricing of debt, terms of individual power purchase agreements and an official compensation forecast have not been published. Panel membership does not commit any lender, and Danantara retains the right to amend or cancel the selection process. Public figures are also inconsistent: Danantara cites interest above three times total program debt, while Denera cites USD4 billion against USD1 billion for phase II alone. Earlier plans referred to 33 plants and about USD5 billion in investment, compared with 17 sites at present.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:heading -->\r\n<h2 class=\"wp-block-heading\">Implications for investors<\/h2>\r\n<!-- \/wp:heading -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>The contractual structure supports bankability at the project level, with credit quality ultimately linked to PLN and to the government&#8217;s willingness to pay compensation on time. Due diligence should focus on five areas: feedstock volume and calorific value at each site and the enforceability of regional supply guarantees; the scope of the Article 19(3) tariff review power; the mechanism and timing of Article 20 compensation; rupiah exposure at PLN under a 30-year dollar tariff; and taxonomy eligibility under both TKBI and the investor&#8217;s home framework. Greater disclosure from the Ministry of Finance, Danantara and PLN on compensation forecasts and contract terms would reduce policy risk for all parties.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:heading -->\r\n<h2 class=\"wp-block-heading\">Sources<\/h2>\r\n<!-- \/wp:heading -->\r\n\r\n<!-- wp:list {\"ordered\":true} -->\r\n<ol class=\"wp-block-list\"><!-- wp:list-item -->\r\n<li><a href=\"https:\/\/finance.detik.com\/energi\/d-8712594\/34-lembaga-keuangan-berminat-biayai-proyek-sampah-jadi-listrik\" target=\"_blank\" rel=\"noopener\">detikFinance, 34 Lembaga Keuangan Berminat Biayai Proyek Sampah Jadi Listrik (18 Oct 2026)<\/a><\/li>\r\n<!-- \/wp:list-item -->\r\n\r\n<!-- wp:list-item -->\r\n<li><a href=\"https:\/\/jogja.antaranews.com\/berita\/860581\/danantara-34-institusi-keuangan-gabung-sebagai-lenders-panel-psel\" target=\"_blank\" rel=\"noopener\">ANTARA, Danantara: 34 institusi keuangan gabung sebagai lenders panel PSEL (16 Oct 2026)<\/a><\/li>\r\n<!-- \/wp:list-item -->\r\n\r\n<!-- wp:list-item -->\r\n<li><a href=\"https:\/\/www.kabarbursa.com\/makro\/danantara-kucurkan-rp18-triliun-psel-tahap-ii-garap-8-lokasi\" target=\"_blank\" rel=\"noopener\">KabarBursa, Danantara Kucurkan Rp18 Triliun, PSEL Tahap II Garap 8 Lokasi (19 Oct 2026)<\/a><\/li>\r\n<!-- \/wp:list-item -->\r\n\r\n<!-- wp:list-item -->\r\n<li><a href=\"https:\/\/www.kabarbursa.com\/makro\/danantara-targetkan-denera-ipo-pada-2028\" target=\"_blank\" rel=\"noopener\">KabarBursa, Danantara Targetkan Denera IPO pada 2028 (12 May 2026)<\/a><\/li>\r\n<!-- \/wp:list-item -->\r\n\r\n<!-- wp:list-item -->\r\n<li><a href=\"https:\/\/nasional.kontan.co.id\/news\/garap-proyek-psel-di-3-lokasi-danantara-gandeng-mitra-asal-china\" target=\"_blank\" rel=\"noopener\">Kontan, Garap Proyek PSEL di 3 Lokasi, Danantara Gandeng Mitra Asal China (22 Apr 2026)<\/a><\/li>\r\n<!-- \/wp:list-item -->\r\n\r\n<!-- wp:list-item -->\r\n<li><a href=\"https:\/\/listrikindonesia.com\/detail\/20632\/danantara-tetapkan-mitra-proyek-psel-tahap-ii\" target=\"_blank\" rel=\"noopener\">Listrik Indonesia, Danantara Tetapkan Mitra Proyek PSEL Tahap II (15 Jul 2026)<\/a><\/li>\r\n<!-- \/wp:list-item -->\r\n\r\n<!-- wp:list-item -->\r\n<li><a href=\"https:\/\/www.peraturan.go.id\/files\/perpres-no-109-tahun-2025.pdf\" target=\"_blank\" rel=\"noopener\">Presidential Regulation (Perpres) 109\/2025<\/a><\/li>\r\n<!-- \/wp:list-item -->\r\n\r\n<!-- wp:list-item -->\r\n<li><a href=\"https:\/\/www.ekuatorial.com\/2026\/04\/beban-pembangkit-tua-di-tengah-transisi-energi\/\" target=\"_blank\" rel=\"noopener\">Kepmen ESDM 169.K\/HK.02\/MEM.M\/2021 on 2020 generation cost (summary by Ekuatorial)<\/a><\/li>\r\n<!-- \/wp:list-item -->\r\n\r\n<!-- wp:list-item -->\r\n<li><a href=\"https:\/\/www.bi.go.id\/id\/statistik\/informasi-kurs\/jisdor\/default.aspx\" target=\"_blank\" rel=\"noopener\">Bank Indonesia, JISDOR reference rate<\/a><\/li>\r\n<!-- \/wp:list-item -->\r\n\r\n<!-- wp:list-item -->\r\n<li><a href=\"https:\/\/www.cnbcindonesia.com\/news\/20260204094327-4-708010\/harga-listrik-dari-pembangkit-sampah-ditetapkan-20-sen-dolar-kwh\/amp\" target=\"_blank\" rel=\"noopener\">CNBC Indonesia, Harga Listrik dari Pembangkit Sampah Ditetapkan 20 Sen Dolar\/kWh (4 Feb 2026)<\/a><\/li>\r\n<!-- \/wp:list-item -->\r\n\r\n<!-- wp:list-item -->\r\n<li><a href=\"https:\/\/industri.kontan.co.id\/news\/surabaya-jadi-kota-pertama-yang-operasikan-pembangkit-listrik-tenaga-sampah\" target=\"_blank\" rel=\"noopener\">Kontan, Surabaya Jadi Kota Pertama yang Operasikan PLTSa (Benowo tariff)<\/a><\/li>\r\n<!-- \/wp:list-item -->\r\n\r\n<!-- wp:list-item -->\r\n<li><a href=\"https:\/\/jambi.antaranews.com\/berita\/668427\/subsidi-energi-2027-ditetapkan-rp2615-triliun-ini-rinciannya\" target=\"_blank\" rel=\"noopener\">ANTARA, Subsidi energi 2027 ditetapkan Rp261,5 triliun<\/a><\/li>\r\n<!-- \/wp:list-item -->\r\n\r\n<!-- wp:list-item -->\r\n<li><a href=\"https:\/\/www.bloombergtechnoz.com\/detail-news\/110991\/subsidi-kompensasi-listrik-2027-dirancang-rp274-02-t-naik-11-58\" target=\"_blank\" rel=\"noopener\">Bloomberg Technoz, Subsidi-Kompensasi Listrik 2027 Dirancang Rp274,02 T (5 Jun 2026)<\/a><\/li>\r\n<!-- \/wp:list-item -->\r\n\r\n<!-- wp:list-item -->\r\n<li><a href=\"https:\/\/www.petromindo.com\/news\/article\/fitch-affirms-indonesia-s-perusahaan-listrik-negara-at-bbb-outlook-negative\" target=\"_blank\" rel=\"noopener\">Petromindo, Fitch Affirms PLN at BBB; Outlook Negative (15 Jun 2026)<\/a><\/li>\r\n<!-- \/wp:list-item -->\r\n\r\n<!-- wp:list-item -->\r\n<li><a href=\"https:\/\/market.bisnis.com\/read\/20251020\/192\/1921829\/danantara-dan-proyek-waste-to-energy-peluang-atau-beban-untuk-pln\" target=\"_blank\" rel=\"noopener\">Bisnis.com, Danantara dan Proyek Waste to Energy, Peluang atau Beban untuk PLN? (20 Oct 2025)<\/a><\/li>\r\n<!-- \/wp:list-item -->\r\n\r\n<!-- wp:list-item -->\r\n<li><a href=\"https:\/\/www.vietnam-briefing.com\/news\/opportunities-waste-energy-sector-vietnam.html\/\" target=\"_blank\" rel=\"noopener\">Vietnam Briefing, Opportunities in Vietnam&#8217;s Waste-to-Energy Sector (2018)<\/a><\/li>\r\n<!-- \/wp:list-item -->\r\n\r\n<!-- wp:list-item -->\r\n<li><a href=\"https:\/\/www.iea.org\/policies\/5786-feed-in-tariff-for-very-small-power-producers-vspp-excluding-solar-pv\" target=\"_blank\" rel=\"noopener\">IEA, Feed-in Tariff for Very Small Power Producers, Thailand<\/a><\/li>\r\n<!-- \/wp:list-item -->\r\n\r\n<!-- wp:list-item -->\r\n<li><a href=\"https:\/\/dialogue.earth\/en\/pollution\/whats-behind-chinas-waste-incineration-overcapacity\/\" target=\"_blank\" rel=\"noopener\">Dialogue Earth, What&#8217;s behind China&#8217;s waste incineration overcapacity (Nov 2025)<\/a><\/li>\r\n<!-- \/wp:list-item -->\r\n\r\n<!-- wp:list-item -->\r\n<li><a href=\"https:\/\/katadata.co.id\/amp\/ekonomi-hijau\/ekonomi-sirkular\/67d26893c5c42\/mayoritas-proyek-pltsa-di-indonesia-mangkrak-hanya-dua-yang-beroperasi\" target=\"_blank\" rel=\"noopener\">Katadata, Mayoritas Proyek PLTSa Mangkrak, Hanya Dua yang Beroperasi (13 Mar 2025)<\/a><\/li>\r\n<!-- \/wp:list-item -->\r\n\r\n<!-- wp:list-item -->\r\n<li><a href=\"https:\/\/data.goodstats.id\/statistic\/komposisi-sampah-nasional-2025-didominasi-sisa-makanan-pgp9R\" target=\"_blank\" rel=\"noopener\">GoodStats, national waste composition 2025 (SIPSN data)<\/a><\/li>\r\n<!-- \/wp:list-item -->\r\n\r\n<!-- wp:list-item -->\r\n<li><a href=\"https:\/\/walhi.or.id\/uploads\/WALHI%202025-2029\/Dokumen\/Kertas%20Posisi%20PSEL.pdf\" target=\"_blank\" rel=\"noopener\">WALHI, Position Paper on PSEL (2026)<\/a><\/li>\r\n<!-- \/wp:list-item -->\r\n\r\n<!-- wp:list-item -->\r\n<li><a href=\"https:\/\/keuanganberkelanjutan.ojk.go.id\/keuanganberkelanjutan\/BE\/uploads\/berita\/files\/file_0efc54d1-333d-415d-8189-d6bb13c7c0e7-11102025203222.pdf\" target=\"_blank\" rel=\"noopener\">OJK, TKBI Version 3 Consultative Paper, WSSWM Sector (Oct 2025)<\/a><\/li>\r\n<!-- \/wp:list-item -->\r\n\r\n<!-- wp:list-item -->\r\n<li><a href=\"https:\/\/www.resourcemedia.eco\/article\/eu-calls-incineration-be-minimised\" target=\"_blank\" rel=\"noopener\">Resource Media, EU calls for incineration to be minimised (Dec 2019)<\/a><\/li>\r\n<!-- \/wp:list-item --><\/ol>\r\n<!-- \/wp:list -->","protected":false},"excerpt":{"rendered":"<p>24 October 2026 | Sector: Power, Waste Infrastructure | Country: Indonesia Key points<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[6,5],"class_list":["post-10","post","type-post","status-publish","format-standard","hentry","category-energy","tag-danantara","tag-waste-to-energy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - 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