TOBA accelerates floating solar project in Batam and transforms 1 million tonnes of waste into revenue
PT TBS Energi Utama Tbk (TOBA) has unveiled plans to expand its business lines into the renewable energy sector (EBT), particularly during the current year, in line with the company’s commitment to transforming into a green energy business.
Nafi Sentausa, SVP of Corporate Strategy and Business Development at TOBA, stated that the company is currently developing a mini hydropower plant (PLTMH) Sumberjaya in Lampung with a capacity of 6 megawatts (MW), which has been operating commercially since January 2025.
Beyond that, TOBA is accelerating construction of a floating solar power plant (PLTS) project in Batam with a capacity of 46 megawatts peak (MWp). The project is targeted to begin contributing electrical power in the fourth quarter or by the end of 2026.
More recently, in the waste management sector, which has now become the largest revenue contributor after coal, TOBA has evolved into an integrated waste management giant through acquisitions completed in 2023 and early 2025.
“So approximately 1 million tonnes of waste that we manage, both in Singapore and also in Indonesia. And the operational matrix is quite healthy, all above 80% utilisation,” explained Nafi during a Media Discussion at the TBS Energi Utama office in Jakarta on Monday (9 March 2026).
The waste managed is diverse, ranging from domestic, commercial, and medical waste, as well as hazardous waste (B3) and material recovery facilities (sorting).
Furthermore, through Kora Environment in Singapore, TOBA does not merely dispose of collected waste; rather, it converts it into thermal energy through Energy from Waste technology for sale to the local industrial zone under long-term contracts.
Coal project divestment
The company has recently completed divestment of two steam power plants (PLTU) in March and May 2025. The company is currently focusing expansion on three main business pillars: renewable energy (EBT), waste management, and the electric vehicle ecosystem (EV).
Mirza Hippy, SVP of Corporate Finance and Investor Relations at TOBA, revealed that 2025 and 2027 are crucial phases for the company to reposition its business strategy.
The disposal of PLTU assets and the decline in coal prices are assessed as putting pressure on the 2025 financial statements. This triggered non-cash losses from divestment reaching approximately US$96-97 million, although this is considered short-term.
However, on an adjusted EBITDA basis, TOBA’s operational performance remains solid at US$47.1 million.
“However, this is what we consider as a short-term sacrifice to achieve better long-term value creation for the company. The contribution from waste management to revenue is already quite substantial at approximately 41%. And it is expected that in the future this could replace revenue and EBITDA from coal within the next 2-3 years,” stated Mirza.