Signals Emerge Regarding the Winner of the Danantara Waste-to-Energy (WtE) Tender: Are OASA, BIPI, and DAAZ in the Running?

Signals Emerge Regarding the Winner of the Danantara Waste-to-Energy (WtE) Tender: Are OASA, BIPI, and DAAZ in the Running?

A number of companies are gaining traction as the announcement of the tender for the Waste-to-Energy (WtE) project, or Waste Processing for Electricity (PSEL), under Badan Pengelola Investasi Daya Anagata Nusantara (Danantara Indonesia), approaches.

WtE is a national program designed to process urban waste into electrical energy. This project will serve as an emergency solution to the waste problem while also supporting national energy resilience. The winner of the first phase of the tender is scheduled to be announced in early February.

The project’s investment value is estimated at Rp 91 trillion, with investment per project ranging from Rp 2.5 trillion to Rp 3.2 trillion. This project, which is claimed to address Indonesia’s waste accumulation problem, is targeted to be built in 33 locations, with each project processing 1,000 tons of waste per day.

In the first phase, the tender announcement will be for four regions: Bogor, Denpasar, Yogyakarta, and Bekasi. Several listed companies are also gaining traction ahead of the announcement.

Capital market observer and Co-Founder of Mentor Baik, Thomas William, also known as Thowilz, revealed that the winner of the tender project is likely to be a company that is not yet well-known among listed waste-to-energy companies.

He mentioned that PT Daaz Bara Lestari Tbk (DAAZ), a company engaged in the mineral commodity trading sector, is also a potential winner of the major project. Along with this rumor, Thomas William also said that the trading volume of DAAZ in the capital market has been high recently.

“In fact, what I’m hearing circulating in the market is a rumor, which hasn’t been released yet, but we’ll see if it’s true or not. But the buzz in the market is starting to lean towards that (DAAZ),” he said in the Ajaib Investasi YouTube channel, quoted on Thursday (February 26).

He believes that the waste-to-energy (WTE) sector is still an attractive sentiment in the market. According to him, there is still potential for surprises if the project is ultimately won by PT Daaz Bara Lestari Tbk (DAAZ) because this scenario is considered to be not widely anticipated by market players.

According to him, investors usually only associate WtE projects with companies such as TOBA, OASA, and MHKI.

“But what I’m hearing is that the winner will likely be a company that is not related to those companies, which is something the market hasn’t anticipated,” he said.

Another signal comes from PT Maharaksa Biru Energi Tbk (OASA). OASA’s management is said to have held several meetings with Danantara regarding this project. OASA’s management is also said to have prepared for the next steps.

On the other hand, the current players in the waste processing business include PT Maharaksa Biru Energi Tbk (OASA), PT Solusi Environment Asia Tbk (SOFA), PT Impack Pratama Industri Tbk (IMPC), PT Astrindo Nusantara Infrastruktur Tbk (BIPI), and PT Multi Hanna Kreasindo Tbk (MHKI).

What are their chances and profiles?

Daaz Bara Lestari (DAAZ)

Daaz Bara Lestari, founded in 2009, initially focused on commodity trading. As the market evolved and needs changed, the company grew into a diversified business with three main pillars: commodity trading (such as nickel ore, coal, and solar), sea transportation services, and mining services.

DAAZ listed its shares on the Indonesia Stock Exchange (IDX) two years ago, in November 2024, and appointed PT Henan Putihrai Sekuritas and PT CGS Sekuritas Indonesia as underwriters and implementing agents for the company’s share offering.

In the initial public offering (IPO), the company set the IPO price at Rp 880 per share, from a price range of Rp 835–900 per share. The company, which operates in the metal industry, offered a maximum of 300 million shares, or 15.02% of the company’s issued and placed capital after the IPO. From this corporate action, the company raised a maximum of Rp 264 billion.

PT Maharaksa Biru Energi Tbk (OASA)

PT Maharaksa Biru Energi Tbk (OASA) revealed that the total investment for two Waste-to-Energy (WtE) or Waste Processing for Electricity (PSEL) projects amounts to Rp 8 trillion. The two projects are located in West Jakarta and South Tangerang.

Director of Maharaksa Biru Energi, Bobby Gafur Umar, said that the project will be carried out in stages, with large-scale implementation planned for 2027. In 2026, the company will focus on the preparation phase, including land acquisition, permits, and studies by consultants.

“Indeed, the total investment from the two projects we have, including financial costs and capital expenditures, is close to Rp 8 trillion,” said Bobby in a virtual public presentation of OASA, quoted on Friday (December 19).

In addition, he explained that the company has prepared several financing and project development schemes, including through partnerships, including with a Chinese partner that has passed the List of Selected Providers (DPT) for the Selection of Business Partners for the Development and Management of Environmentally Friendly Waste Processing Facilities into Electrical Energy (BUPP PSEL) under Danantara.

PLTSa Tangerang Selatan

The Waste-to-Energy (WtE) project in South Tangerang will be developed by the Implementing Business Entity PT Indoplas Tianying Energy, which is a joint venture between PT Indoplas Energi Hijau with 76% ownership and China Tianying Inc with 24%.

The project is located on a 5.53-hectare site. The South Tangerang WtE project has a waste processing capacity of up to 1,100 tons per day, consisting of 1,000 tons of new waste and 100 tons of old waste or excavated waste. From this processing, the facility is targeted to generate electricity with an installed capacity of 25 MW, a gross output of 23.14 MW, and a net capacity of 19.62 MW.

The electricity generated will be sold at a rate of US$ 0.1335 per kWh for the first year to the 30th year. In addition, the project also generates revenue from waste processing tariffs.