At the end of February 2026, Indonesia's sovereign investment fund Danantara will announce the results of the first batch of "Waste to Energy" (WTE) projects. The total investment for the project is about IDR 110 trillion, with the first batch focusing on four cities: Bali, Bogor, Bekasi, and Yogyakarta. Currently, 24 companies that passed the initial selection are mostly foreign companies with advanced technology, which are required to cooperate with local Indonesian enterprises. This presents significant opportunities for Indonesian listed companies (emiten BEI) that have already positioned themselves in the WTE industry chain.
Market analysis suggests that five listed companies have a higher chance of winning in the first batch of tenders: MHKI (PT Multi Hanna Kreasindo Tbk): As an established solid waste management company, its advantage lies in the upstream waste collection and pre-processing segment. It has secured IDR 495 million in financing from Bank Rakyat Indonesia (BBRI), but currently has no operating WTE power plant. It is more likely to participate as a regional waste management partner rather than the main developer.
BIPI (PT Astrindo Nusantara Infrastruktur Tbk): Plans to invest US$300-350 million in building WTE projects, aiming to diversify from coal business to clean energy. Its feasibility study and financing plan are nearly complete. If successful, it will become a new growth engine for the company, but it is highly influenced by policy and financing environment.
IMPC (PT Impack Pratama Industri Tbk): Through its subsidiary Sirkular Karya Indonesia (SKI), it cooperates with CCEPC to jointly develop the Bali WTE project. SKI is responsible for financing, while CCEPC handles technology. The project is still in the preliminary research stage and is expected to contribute profits only in the medium to long term. Although it aligns with the company's circular economy strategy, the short-term financial impact is limited.
OASA (PT Maharaksa Biru Energi Tbk): Among the five, it is the closest to project implementation, having prepared two PSEL projects in West Jakarta and South Tangerang. The West Jakarta project requires an investment of IDR 6.6 trillion with a payback period of nearly 10 years; the South Tangerang project, with OASA holding about 76% and an investment of IDR 2.3 trillion with a payback period of about 5 years, is expected to generate significant consolidated profits. It is a potential core beneficiary, but high investment also brings financial pressure.
SOFA (PT Boston Furniture Industries Tbk): Through its subsidiary, it has formed a consortium with Chinese and Malaysian companies, specifically to bid for Danantara projects. The company currently has no WTE assets or revenue, and its stock performance depends entirely on the bidding results. It is a high-risk, high-elasticity "pure thematic stock": winning the bid would lead to a leap in performance, while failure would mean the growth story falls flat.
At the end of February 2026, Indonesia's sovereign investment fund Danantara will announce the results of the first batch of "Waste to Energy" (WTE) projects. The total investment for the project is about IDR 110 trillion, with the first batch focusing on four cities: Bali, Bogor, Bekasi, and Yogyakarta. Currently, 24 companies that passed the initial selection are mostly foreign companies with advanced technology, which are required to cooperate with local Indonesian enterprises. This presents significant opportunities for Indonesian listed companies (emiten BEI) that have already positioned themselves in the WTE industry chain.
Market analysis suggests that five listed companies have a higher chance of winning in the first batch of tenders: MHKI (PT Multi Hanna Kreasindo Tbk): As an established solid waste management company, its advantage lies in the upstream waste collection and pre-processing segment. It has secured IDR 495 million in financing from Bank Rakyat Indonesia (BBRI), but currently has no operating WTE power plant. It is more likely to participate as a regional waste management partner rather than the main developer.
BIPI (PT Astrindo Nusantara Infrastruktur Tbk): Plans to invest US$300-350 million in building WTE projects, aiming to diversify from coal business to clean energy. Its feasibility study and financing plan are nearly complete. If successful, it will become a new growth engine for the company, but it is highly influenced by policy and financing environment.
IMPC (PT Impack Pratama Industri Tbk): Through its subsidiary Sirkular Karya Indonesia (SKI), it cooperates with CCEPC to jointly develop the Bali WTE project. SKI is responsible for financing, while CCEPC handles technology. The project is still in the preliminary research stage and is expected to contribute profits only in the medium to long term. Although it aligns with the company's circular economy strategy, the short-term financial impact is limited.
OASA (PT Maharaksa Biru Energi Tbk): Among the five, it is the closest to project implementation, having prepared two PSEL projects in West Jakarta and South Tangerang. The West Jakarta project requires an investment of IDR 6.6 trillion with a payback period of nearly 10 years; the South Tangerang project, with OASA holding about 76% and an investment of IDR 2.3 trillion with a payback period of about 5 years, is expected to generate significant consolidated profits. It is a potential core beneficiary, but high investment also brings financial pressure.
SOFA (PT Boston Furniture Industries Tbk): Through its subsidiary, it has formed a consortium with Chinese and Malaysian companies, specifically to bid for Danantara projects. The company currently has no WTE assets or revenue, and its stock performance depends entirely on the bidding results. It is a high-risk, high-elasticity "pure thematic stock": winning the bid would lead to a leap in performance, while failure would mean the growth story falls flat.