Impunity for Danantara Bond Holders

TEMPO.CO, Jakarta - A six-hectare tract of land owned by Pelabuhan Indonesia (Pelindo), in Pedungan village, Denpasar, Bali, appeared ready for development. On Tuesday, July 7, 2026, Daya Energi Bersih Nusantara (Denera), a subsidiary of the Daya Anagata Nusantara Investment Management Agency (Danantara), inaugurated the site as the location for a waste-to-energy (WtE) facility.

Danantara Chief Executive Officer Rosan Perkasa Roeslani said the Denpasar facility will be capable of processing 1,500 tons of waste a day into electricity for 100,000 households. Danantara plans to complete the Rp3 trillion (around US$166 million) project in 2027, ahead of its original target of the first half of 2028. The accelerated timeline, Rosan said, is possible because Weiming Nusantara Bali New Energy, the project’s strategic partner, has proven technology. “The waste-to-energy facility will be built rapidly while continuing to uphold the principles of prudence and good governance,” Rosan said.

The waste-to-energy project is one of the ventures financed through Patriot Bonds, a special debt instrument issued by Danantara. The state investment agency is targeting the construction of 33 waste-to-energy power plants with a total budget of US$5 billion, or about Rp90.38 trillion. Danantara also plans to channel Patriot Bond proceeds into infrastructure and other environmentally friendly industries.

Danantara first offered Patriot Bonds, which carry a 2 percent coupon, through private placements to leading business figures in September 2025. Through that offering, the agency claimed to have raised more than Rp50 trillion (US$2.76 billion). A list later circulated identifying 46 conglomerates that had purchased Patriot Bonds worth a combined Rp51.75 trillion (US$2.86 billion). According to the list, each company bought between Rp200 billion and Rp3 trillion (US$11-166 million) in bonds. Danantara later said it had never disclosed the identities of Patriot Bond buyers.