Danantara to Lead DENERA IPO in 2028
Jakarta, CNBC Indonesia - The Investment Management Agency Danantara (BPI Danantara) plans to bring a new business entity in the clean energy sector, PT Daya Energi Bersih Nusantara or DENERA, to list on the Indonesia Stock Exchange (BEI) through an initial public offering (IPO) of shares.
Danantara’s Chief Investment Officer, Pandu Sjahrir, stated that the target for this corporate action is 2028. He mentioned that the company is poised to become one of the largest waste-to-energy companies in the world.
“I think this could be a good catalyst if we can enter later, if permitted, on the Indonesia Stock Exchange. We will apply, Insha Allah, because by 2028 there should already be cash flow,” he said at the Indonesia Stock Exchange (BEI) on Monday (11/5/2026).
According to him, the plan is highly feasible due to the substantial investment value, which could reach US$5 billion or the equivalent of Rp85-90 trillion.
Pandu explained that the plan could be realised once sufficient funds are available through dozens of ongoing WTE projects throughout this year.
“First week of June, and there will be additions where we aim to complete all 33 projects by the end of this year. What we want to do is, if we are able to finish all this Insha Allah by the end of 2028, we can take this public. Because don’t forget, these 33 projects are almost close to a US$5 billion project where we will also take a bigger stake,” he clarified.
“Once there is cash flow, we can enter the capital market. This is one example,” he added.
For information, this company, formed by PT Danantara Investment Management (DIM), is an integrated waste management company that also serves as a holding company for all entities implementing Waste-to-Energy or Waste to Electricity Energy (PSEL) projects in Indonesia.
PT Denera was officially established on 1 April 2026. The entity is a holding company that consolidates all investment, development, and operational activities of PSEL projects in various regions of Indonesia.
In this structure, PT Denera will serve as the holding for each Business Entity for Development and Management (BUPP) of PSEL, where each BUPP is a joint venture between PT Denera and selected partner consortia.
Through this structure, Danantara Indonesia aims to strengthen project management efficiency, attract participation from domestic and global investors, and promote technology transfer in comprehensive waste processing.
The establishment of PT Denera aligns with the mandate of Presidential Regulation No. 109 of 2025 regarding urban waste handling through waste-to-renewable energy management based on environmentally friendly technology, as well as the Indonesian Government’s vision to build cleaner, more resilient, and sustainable cities.
The Danantara Indonesia PSEL programme targets the construction of waste-to-electricity energy processing facilities in several cities across Indonesia.