Two national corporate giants, PT Chandra Asri Pacific Tbk (TPIA) and PT Bakrie & Brothers Tbk (BNBR), have officially expanded their business reach into the new and renewable energy sector through the Waste-to-Energy (PSEL) project. This certainty was obtained after affiliated entities of both issuers won the Phase II PSEL tender organized by BPI Danantara through PT Daya Energi Bersih Nusantara (Denera).
In this project, Chandra Asri, through its indirect subsidiary PT Chandra Waste Energy—under the umbrella of PT Chandra Daya Investasi Tbk (CDIA)—partnered with Beijing GeoEnviron Engineering and Tech Inc in the Konsorsium Masa Depan Energi Indonesia. This consortium was appointed to handle the Serang Raya PSEL with a targeted processing capacity of 1,161 tons of waste per day. This entity was formerly named PT Chandra Global Maritim and transformed from sea transport business into the energy waste management sector since 2025.
This strategic move strengthens TPIA's environmental commitment, having previously utilized Refuse Derived Fuel (RDF) technology as an alternative co-firing fuel at its Pulo Ampel facility in Serang. The utilization of RDF, running since mid-2025, has significantly reduced carbon emissions.
On the other hand, Bakrie & Brothers through PT Bakrie Power, under the control of PT Bakrie Metal Industries (BMI), joined the Konsorsium Mentari Citra Lestari along with PT Acritas Karya Persada and SUS Indonesia Holding Limited. This consortium will manage the Surabaya Raya PSEL project with a processing capacity of 1,100 tons of waste per day. This new project is expected to complement Bakrie Power's green energy portfolio, which already includes solar, steam, and geothermal power plants.
An analysis from Phintraco Sekuritas states that the involvement of both issuers in this PSEL project serves as a new growth catalyst for their clean energy business lines. Nevertheless, current market valuations indicate that TPIA and BNBR shares are trading at relatively premium PBV and PER ratios compared to their respective industry sector averages.
