Danantara Opens IPO Option for Denera
JAKARTA - Badan Pengelola Investasi Daya Anagata Nusantara (BPI Danantara) has opened the option to conduct an initial public offering (IPO) of shares for PT Daya Energi Bersih Nusantara (Denera) in 2028.
The clean energy business entity is being prepared by Danantara to become one of the world’s largest waste-to-energy (WTE) companies, following the consolidation of dozens of Waste Processing into Electricity (PSEL) projects in Indonesia.
Danantara’s Chief Investment Officer, Pandu Sjahrir, candidly stated that the IPO plan for Denera is feasible because the WTE projects will begin generating cash flow in 2028.
“I think this could be a good catalyst if we can list on the Indonesia Stock Exchange (BEI) later. The target is 2028 because that’s when cash flow will start to form,” he said at the BEI building on Monday (11/5/2026).
Pandu explained that all the PSEL projects currently underway have the potential to reach an investment value of up to US$5 billion, or approximately Rp85–90 trillion. According to him, this achievement will strengthen Denera’s readiness to go public.
“This involves 33 projects nearing US$5 billion. If all are completed by the end of 2028, we can take this company public. Because once there’s cash flow, we can enter the capital market,” Pandu emphasised.
He projected that Denera will become the world’s largest WTE project manager due to its portfolio of projects spread across various regions of the country.
Danantara established Denera on 1 April 2026 as a holding company for PSEL projects developed by PT Danantara Investment Management (DIM). Its establishment refers to Presidential Regulation No. 109 of 2025 regarding the management of waste into renewable energy based on environmentally friendly technology.
Danantara’s own PSEL programme targets the construction of WTE facilities in various major cities. The aim is to support the government’s vision of creating cleaner, more resilient, and sustainable urban areas.
All Business Entities for Development and Management (BUPP) handling WTE projects in major cities are now under Denera’s control. Through this structure, Danantara aims to create efficiency in project management, increase participation from domestic and global investors, and accelerate technology transfer.
Pandu stated that this consolidation also strengthens Denera’s position in the national renewable energy industry. “What we want to do is finish all 33 projects. If we can complete them, Insha’Allah by the end of 2028 we can take this public,” Pandu concluded.