Company Coverage
Maharaksa Biru Energi (OASA IJ) Capturing Indonesia’s WtE push
NOT RATED
Analyst
Analyst
Highlights
- OASA secures another WtE project. The company won the Lampung project in Danantara's Batch 2 tender, expanding its exposure to Indonesia's 33-plant WtE rollout by 2029.
- Early positioning with execution readiness. OASA has secured sites and
partners, increasing its chances of winning and delivering Danantara projects.
Analysis
- Government accelerates WtE rollout. Batch 2 Danantara tender winners have been announced, with Maharaksa Biru Energi (OASA) securing the Lampung project, reinforcing its position in Indonesia's accelerating waste-to energy (WtE) rollout. President Prabowo Subianto is repositioning WtE as a national energy and infrastructure priority rather than merely a sanitation issue. Through Perpres No. 109/2025, the government standardises the project framework and removes key bottlenecks that hindered earlier developments. It plans to develop 33 WtE plants requiring around Rp90t of investment by 2029, creating a visible long-term project pipeline. Previously, projects relied on tipping fees (payments from local governments), which were often delayed or uncertain. The new framework replaces these with 30-year take-and-pay power purchase agreements (PPAs) with PLN (Perusahaan Listrik Negara) at USD0.20/kWh, while the government provides land and guarantees a minimum waste supply of 1,000 tonnes per day (tpd). This structure shifts revenue risk to a centralised, contract-based system, improving project viability and providing clearer financing visibility.
- Execution edge from early preparation and aligned backing. OASA stands out through its early and practical preparation. The company has secured project sites, completed feasibility studies, coordinated grid interconnection with PLN (Perusahaan Listrik Negara), and worked with local governments and DPRD (Dewan Perwakilan Rakyat Daerah) to align on land acquisition, permitting (including AMDAL, Analisis Mengenai Dampak Lingkungan), and waste supply. Its partner, China Tianying, brings proven WtE execution experience with integrated EPC (engineering, procurement, and construction) capabilities. Strategic backing from Bakrie Group through BIPI (Astrindo Nusantara Infrastruktur Tbk), which holds a stake in one of OASA's subsidiaries, together with the leadership of former Bakrie & Brothers CEO Bobby Gafur Umar, should strengthen access to funding, stakeholder coordination, and execution oversight. This positioning increases the likelihood of OASA both securing and successfully executing projects under the Danantara tender process.
Highlights
- OASA secures another WtE project. The company won the Lampung project in Danantara's Batch 2 tender, expanding its exposure to Indonesia's 33-plant WtE rollout by 2029.
- Early positioning with execution readiness. OASA has secured sites and
partners, increasing its chances of winning and delivering Danantara projects.
Analysis
- Government accelerates WtE rollout. Batch 2 Danantara tender winners have been announced, with Maharaksa Biru Energi (OASA) securing the Lampung project, reinforcing its position in Indonesia's accelerating waste-to energy (WtE) rollout. President Prabowo Subianto is repositioning WtE as a national energy and infrastructure priority rather than merely a sanitation issue. Through Perpres No. 109/2025, the government standardises the project framework and removes key bottlenecks that hindered earlier developments. It plans to develop 33 WtE plants requiring around Rp90t of investment by 2029, creating a visible long-term project pipeline. Previously, projects relied on tipping fees (payments from local governments), which were often delayed or uncertain. The new framework replaces these with 30-year take-and-pay power purchase agreements (PPAs) with PLN (Perusahaan Listrik Negara) at USD0.20/kWh, while the government provides land and guarantees a minimum waste supply of 1,000 tonnes per day (tpd). This structure shifts revenue risk to a centralised, contract-based system, improving project viability and providing clearer financing visibility.
- Execution edge from early preparation and aligned backing. OASA stands out through its early and practical preparation. The company has secured project sites, completed feasibility studies, coordinated grid interconnection with PLN (Perusahaan Listrik Negara), and worked with local governments and DPRD (Dewan Perwakilan Rakyat Daerah) to align on land acquisition, permitting (including AMDAL, Analisis Mengenai Dampak Lingkungan), and waste supply. Its partner, China Tianying, brings proven WtE execution experience with integrated EPC (engineering, procurement, and construction) capabilities. Strategic backing from Bakrie Group through BIPI (Astrindo Nusantara Infrastruktur Tbk), which holds a stake in one of OASA's subsidiaries, together with the leadership of former Bakrie & Brothers CEO Bobby Gafur Umar, should strengthen access to funding, stakeholder coordination, and execution oversight. This positioning increases the likelihood of OASA both securing and successfully executing projects under the Danantara tender process.
NOT RATED
Analyst
Analyst
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at the following link: https://research-api.uobkayhian.com/assets/disclaimer/df64a6ea-7980-447c-ae9e-fd19b93257dc, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
