Investment holding company PT Bakrie Capital Indonesia (BCI), part of the Bakrie Group, acquired 3.82 billion shares of PT Astrindo Nusantara Infrastruktur (BIPI), increasing its stake to 6 percent.
Based on a shareholding report, BCI purchased the shares at Rp 248 per unit on February 24, 2026, for investment purposes. Following the entry of the Bakrie Group, BIPI’s stock price jumped 17.78 percent at the close of trading on Wednesday, February 25, 2026, reaching Rp 322 per share and pushing its market capitalization to Rp 20.51 trillion ($1.2 billion).
Over the past three months, BIPI shares have soared 245.65 percent, while over the past month alone, they have risen 38.26 percent.
BCI directly controls several listed companies, including:
BIPI operates in the oil, gas and coal infrastructure sectors. The company is now targeting waste-to-energy (WtE) projects launched by state investment management agency Daya Anagata Nusantara (Danantara).
President Director Raymond Anthony Gerungan said the company has been developing waste-to-energy power plant (PLTSa) projects for over three years. However, changes in central and regional government policies required adjustments to the project framework.
With the feasibility studies completed, BIPI is currently focusing on securing funding. The company estimates that the WtE project will require an investment of approximately US$300 million to US$350 million. Although the project is planned on the island of Java, the specific locations and strategic partners have not yet been disclosed.
The WtE initiative is part of a national program designed to convert municipal waste into electricity, addressing Indonesia’s waste emergency while building long-term energy resilience.
Tender process and timeline
Danantara is expected to announce the WtE tender soon, covering four regions: Bogor, Denpasar, Yogyakarta and Bekasi. In the initial phase, business partners will be invited to submit proposals through a request for proposal (RFP) process.
The RFP will be issued based on regional readiness rather than simultaneously. The main prerequisites include:
● Availability of land;
● Guarantee a waste supply of at least 1,000 tonnes per day;
● Clear commitment from local governments.
The selection of commercial entities for the implementation of the WtE (BUPP PSEL) will use an evaluation system based on a formula: 50% technical component and 50% financial component.
Technical criteria include plant design, reliable and environmentally friendly technology, environmental friendliness, construction schedule and involvement of local partners. Financial criteria include project IRR, financing structure and sponsor strength.
After evaluation, further steps will include clarifications and limited negotiations, issuance of a letter of award, signing of a joint venture agreement, formation of a ProjectCo for regional cooperation agreements, EPC and O&M contracts, and signing of a power purchase agreement (PPA) with PLN.
Staged implementation schedule (2025-2026)
● October-December 2025: DPT selection and call for tenders;
● February 2026: Negotiation & determination of partners;
● March-May 2026: legal closure and preparation of the EPC;
● March-June 2026: progressive first shovelful of earth.
The market will closely monitor how BCI’s strategic entry into BIPI aligns with the company’s expansion into the energy recovery sector and national infrastructure development.
