After Shares Surge 23.53%, BNBR Clarifies Latest on Bakrie Power's Waste-to-Energy Project
Jakarta, CNBC Indonesia — PT Bakrie & Brothers Tbk (BNBR) has finally spoken out regarding news of the involvement of its subsidiary, PT Bakrie Power, in the development of a Waste-to-Energy Power Plant (PSEL) project together with the Investment Management Agency (BPI) Danantara.
In a response letter to the Indonesia Stock Exchange (IDX) dated 20 July 2026, the company confirmed that Bakrie Power, through the Mentari Citra Lestari Consortium, has been appointed as the selected partner in the development of the Phase II PSEL project. However, the appointment is not yet final, as it must still fulfil a number of requirements set by Danantara.
“PT Bakrie Power (Mentari Citra Lestari Consortium) as the selected partner will be designated as the development and management business partner of the PSEL once the requirements in the conditional letter of award are fully met,” BNBR’s management wrote in its information disclosure, quoted on Tuesday (20/7/2026).
The company explained that this status was the reason BNBR had not yet made a public disclosure. Should the requirements not be met, Bakrie Power’s position could still be replaced by a reserve partner in accordance with the mechanism set by Danantara.
BNBR also revealed its reasons for bidding in the PSEL project. According to the company, the waste-to-energy business is a diversification opportunity with long-term prospects, in line with global trends towards energy transition and the circular economy. Moreover, the project is considered closely related to Bakrie Power’s experience in building power plants for the business-to-business (B2B) market.
In this project, Bakrie Power is part of the Mentari Citra Lestari Consortium together with PT Acritas Karya Persada and SUS Indonesia Holding Limited. Acritas is said to have experience building similar projects in Surabaya, whilst SUS Indonesia will act as the technology provider, with experience implementing similar projects in various countries.
Although it has been designated as the selected partner, BNBR said it cannot yet disclose the amount of investment to be deployed, nor whether the value exceeds 20% of the company’s equity. This is because the project is still at the feasibility study stage, which will evaluate technical, commercial, and financial aspects.
The company is also not yet able to convey the profit-sharing scheme with Danantara. Such terms will only be discussed during the Sponsor Agreement negotiation process once the feasibility study is completed and the parties agree on the investment structure, risk allocation, and profit-sharing mechanism.
Meanwhile, regarding business prospects, BNBR stated that the construction schedule, commercial operation date (COD) target, and the estimated contribution of the project to the revenue and net profit of Bakrie Power and the company as a whole cannot yet be determined. All of these remain pending the completion of the feasibility study, the formation of a joint venture, and the fulfilment of requirements towards the Final Letter of Award.
BNBR’s shares rose 23.53% to Rp105 in yesterday’s trading, and have gained 26.86% over the past month. However, the share price is still down 3.25% year-to-date.