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A LEADING CATALYST IN FACILITATING INDONESIA’S INFRASTRUCTURE DEVELOPMENT
Innovative Financing Schemes
for Infrastructure Projects in
Indonesia
2nd Session-Asia Financial Leadership Program
July 2016
Edwin Syahruzad Director of Financing and Investment
PT Sarana Multi Infrastruktur (Persero)
PT SMI is a State-Owned Enterprise that acts as
a Catalyst in Accelerating Infrastructure Development
Status
Duties
Vision
Mission
PT Sarana Multi Infrastruktur (Persero) (“PT SMI”) was
established in 2009 as a State-Owned Enterprise under the
Minister of Finance Regulation No. 100/PMK.010/2009 on
Infrastructure Financing Companies
PT SMI carries the duty of supporting the Government’s
infrastructure development agenda for Indonesia through
partnerships with private and/or multilateral financial
institutions in Public-Private Partnership (PPP) projects. As
such, PT SMI can serve as a catalyst in accelerating
infrastructure development in Indonesia.
100% owned by the Government of Indonesia
To serve as catalyst in accelerating national infrastructure
development
1. To become a strategic partner that delivers value added
contributions to Indonesia’s infrastructure development
2. To develop flexible financing products
3. To offer service excellence backed with good corporate
governance
Ownership
2
PT SMI Focus Over The Next 5 Years Will Be on Economic
and Social Infrastructure Sectors
Infrastructure is one of
most important sector for
emerging market
Facilitates economic growth
and nation competitiveness
Reduce environmental
footprint and achieve nation
social progress
Significant financing
required in economic and
social infrastructure
Potentially up to 800 Tn IDR
financing gap annually to
meet nation infrastructure
requirement
Complexity in infra
require specialization &
coordination
Potentially many complex
infrastructure issues beyond
financing
1 2 3
Economy
Environment Social
Other successful development bank started by focusing
and prioritizing on infrastructure
4
3
State Additional
Equity Injection
Capital Market
(Bonds,
Securities)
Securitization
Loans and Grants
Sharia BPJS /
Insurance
Sharia Capital
Market
Hajj Fund
Sovereign Wealth
Fund
Sector Focus
Electricity & Energy
Efficiency
Road and
Bridges
Transportation
Irigation
Oil
and Gas
Waste Water &
Waste Management
Train
Rolling Stock
Social Infrastructure
Water
Supply
Renewable
Energy
Funding Sources
Co
nve
nti
on
al
Sh
ari
a
FINANCING &
INVESTMENT
Development Stage
Infrastructure
Financing
Municipal Financing
/ Regional
Infrastructure
Development Fund
(RIDF)
Public Sector
Advisory
Training & Capacity
Building
Investment Advisory
Financial
Advisory
Project
Development
Facilities (PDF)
PDF & Donor Fund
Management
Technical Assistance
& Donor Fund
Management
PPP Project Development
Renewable Energy
Projects
Municipal Project
Ijarah Muntahia
Bittamlik (IMBT)
Murabahah
Musyarakah
Mutanaqisah (MMQ)
Mudharabah
Muqayyadah on
Balance Sheet
(MMOB)
Investment
Advisory
Financial
Advisory
Technical
Assistance
and
Donor Fund
Management
ADVISORY
SERVICES
PROJECT
DEVELOPMENT
• Senior loan
• Banking Complementary
• Arranger & Underwriter
• PPP Standby Lender
• Geothermal Financing
Telecommunication
Regional
Infrastructure
Prison Hospital
Market Tourism
Infrastructure
School
PT SMI Provides Comprehensive Financing Products and
Project Development Service To Become The Enabler of Infrastructure Projects
4
Role of PT SMI as Intermediary Institutions
to Finance Municipal Government and Renewables Energy Projects
Financing
Grant
• Technical Assistance
• Project Appraisal
• Project Assessment
(Capital Markets)
(Government of
Indonesia)
(Multilateral
Organization)
Others
Source of Funds Intermediary
Institution Beneficiaries
5
Municipal Government
Hydro Power Biomass
Solar Power
Wind Power
Energy
Efficiency
and Other
projects
Renewables Energy and
Climate Change
• Senior Loan
• Mezzanine/ Subordinated
• Equity
(Green Facility)*
(RE and EE)*
(RE and EE)
(UNDP)
RE = Renewables Energy EE = Energy Efficiency *) In progress of application or acreditation
Geothermal
Based on Locations
Based on Sectors
Multiplier Effect*
Total Project Cost
IDR119,4 Trillion
(~USD 9.0 Billion)
Multiplier Effect
3.6 times
Involves in Strategic
Project
Project Palembang-Indralaya Highways
Location South Sumatera
Tenor 25 years
Grace Period 15 years
Interest Rate BI rate + 2%
Value Propositions of PT SMI
Long Term Tenor
Competitive Rate
Innovative Product
Flexible Financing Scheme
High Impact of Multiplier effect
*Include Financing Facility to PT PLN and Municipal Government XR 1 USD = IDR13,500
As of 30 June 2016, PT SMI has provided USD 9.0 Billion Financing Facilities
6
PT PLN 26,00%
Road 32,38%
Electricity 15,77%
Oil and Gas 10,66%
Transport-ation
9,66%
Irrigation 1,92%
Telecommunication 2,24%
Clean Water 1,13%
Social (Hospital)
0,24%
Jawa Bali Nusa
Tenggara 45%
Sumatera 26%
Kalimantan 11%
Sulawesi 10%
Papua Maluku 8%
(Rp Miliar) 2011 2012 2013 2014 2015 31 Jun 2016
Assets 2.213 5.132 7.089 9.169 32.714 33.950
Equity 2.196 4.310 4.546 4.786 25.432 26.113
Outstanding 525 1.196 3.087 4.262 17.083 18.966
Loan
Commitment 1.158 2.222 4.477 5.577 23.004 32.607
Total Revenue 194 226 424 598 743 1.155
Net Profit (Loss) 97 107 207 245 305 682
Performance
Rating* AA AA AAA AAA AAA -
Summary of Financial Statement 2011-31 Jun 2016 Opinion: Unqualified Opinion (WTP)
Corporate Rating from PEFINDO : AAA/Stable Public Accountant Opinion : Unqualified Opinion (WTP)
Auditor : Osman Bing Satrio & Eny (Deloitte)
7 *Based on State Owned Enterprises Ministry Category
As a company that is still growing, the Company's outstanding and financing commitments
sustained increases in particular in 2015 up to 2016 YTD
*Accumulative position but not Include Financing Facility to PT PLN and Municipal Government
Over the last 5 years, PT SMI has a very strong Financing Commitment
with a CAGR of 91.8%
8
Total Project Cost Commitment and Outstanding
in Rp (Billion) in Rp (Billion)
18.85717.083
4.2623.0871.196
525
32.535
23.004
5.5774.477
2.2221.158
2012 2011
+91,8%
30-Jun-16 2015 2014 2013
Commitment
Outstanding
22.558
49.226
9.167
17.070
21.359
119.380
s.d. 2012 2013 2014 2015 30-Jun-16 Total
Project Cost
Priority, National Strategic and RPJMN 2015-2019 Projects Financed
by PT SMI
Accumulated as end of 2015 Year 2016 + Pipeline
National Priority
Projects (Permenko No.12/2015)
1 project
Toll Road Trans Sumatera Ruas Medan – Binjai
Total Commitment of IDR481 billion
Total Project Value IDR1,6 trillion
3 projects
o PLTU Mulut Tambang Sumatera Selatan 8
o Toll Road Trans Sumatera Ruas Palembang – Indralaya and
Ruas Bakauheni – Terbanggi Besar.
Total Commitment of IDR6,54 trillion
Total Project Value of IDR39,6 trillion
National Strategic
Projects (PeIDRres
No. 3 tahun 2016)
8 projects
o Toll Road Solo – Ngawi
o Toll Road Ngawi – Kertosono
o Toll Road Medan – Binjai
o Toll Road Pejagan – Pemalang
o Soekarno – Hatta Airport Development
o Titab Water Dam, Bali
o Logung Water Dam, Jawa Tengah
o Bajulmati Water Dam, Jawa Timur
Total Commitment of IDR3,38 trillion
Total Project Value of IDR35,88 trillion
6 projects
o Toll Road Pandaan-Malang
o Toll Road Bogor Ring Road
o Port Pelindo IV
o Toll Road Trans Sumatera Palembang – Indralaya and
Bakauheni – Terbanggi Besar
o Toll Road Trans Jawa Semarang-Solo.
o Waskita Toll Road (12 Segments Toll Road di Jawa) – Equity
Investment*
Total Commitment of IDR5,51 trillion
Total Project Value of IDR30,34 trillion
RPJMN Projects (Perpres
No. 2 tahun 2015)
9 projects
o Toll Road Trans Jawa (Cikopo-Palimanan, Solo-Ngawi,
Ngawi-Kertosono, dan Pejagan-Pemalang)
o Toll Road Trans Sumatera (Medan-Binjai)
o Soekarno – Hatta Airport Capacity Improvement
o Titab Water Dam, Bali
o Logung Water Dam, Jawa Tengah
o Palaran Port, Samarinda
Total Commitment of IDR3,60 trillion
Total Project Value of IDR36,39 trillion
7 projects
o PLTMH (part of 35 GW)
o PLTU 2x15MW Sorong and PLTU 2x7 MW Biak, Papua Barat
o Belawan International Container Terminal (BICT)
o Coal Train Sumatera Selatan
o Toll Road Trans Sumatera Palembang-Indralaya and Bakauheni
– Terbanggi Besar.
o Toll Road Trans Jawa Semarang-Solo
Total Project Value of IDR37,58 trillion
*) excluded in the calculation, because it is already calculated in the previous point 9
Social Economic Benefit of PT SMI Projects
Electricity o Increase the capacity of
1,443.8 MW
o Provide electricity for 1.6
million household or 6.4
million people
Water Supply o Increase the capacity of water
supply by 10.140 litre/second
o Provide water supply for 1,3
million household atau 5,2
million people
Road o Increase road extention up to
1.044 km
o Absorb 900 thousand
workers
Transportation o Increase capacity for 22.5
million passengers a year
(Air Transport)
o Increase the flow of goods up
to 2.26 million TEUs a year
(Sea Transport)
o Increase 44.900
telecommunication towers
o Provide 65.6 million users for
telecommunications service
across Indonesia
Telecommunication
o Provide 42 new room for
hospital
o Increase the facility for 720
new patient/year
Social
Infrastructure
o Increase the capacity of 75,6
million m3 raw water
o Provide water for 7.000ha
paddy field
Irrigation
o Increase the production of Oil
and gas up to 31.000
barrels/day and 140 juta m3
gas/day
o Increase storage up to 10.000
Metric Ton
Oil and Gas
Accumulative Position as of 31 May 2016
10
Mini-Hydro Air Putih
Bengkulu PLN
• SMI and other Lenderd as senior creditor
• SMI as a creditor for subordinated loan
• Tenor : 9 year
Assets
Senior Loan
Equity
Senior Loan
Assets Sub Debt/
Junior Loan
Equity Project Sponsor Project Sponsor
Mini-Hydro Lau Gunung
Sumatera Utara
Type of Financing Structure Case Study: Renewable Energy Projects
PPA
• SMI as a creditor to the project sponsor in the
form of promoter financing facilities.
• Tenor : 1 year
Closing the Gap
PLN
Offtaker
Promotor Financing
11
Several Factors to Consider to Design Sector Strategy
Financial returns
Are the returns (e.g. ROCE)
of the sector attractive
compared to other sectors?
What is the extent which less
financially attractive sectors
can be supported?
Risk to SMI
Does SMI have the expertise
and prior experience of
investing in the sector?
What is the typical risk
profile associated with the
industry?
Strategic importance
Is infrastructure investments
in the sector of strategic
importance to Indonesia?
Is the sector a near to mid
term priority for the
government? (e.g. SMI has
been mandated to support
the sector)
12
Leverage Competencies by Focusing on Financially Attractive
Sectors Where Expertise Has Already Been Built
Sector Indicative financial returns SMI’s exposure today
High returns
• > 20% ROCE & >40% EBIT margin globally
• Similar returns expected in Indonesia
Moderate to high returns
• ~7-8% ROCE & ~15% IRR globally from utilities
• Higher returns expected for merchant power
plants in Indonesia
Moderate returns
• 10-11% ROCE, ~14% EBIT & ~9% TSR globally
• Similar returns likely in Indonesia
Moderate to high returns
• ~16% ROCE & >20% EBIT globally
• Expected to be at least as high in Indonesia given
infrastructure bottlenecks
Toll road
Power
plant
Sea ports
Oil & gas
Moderate to high returns • 15-20% returns globally • Higher returns expected for Telecom towers in
Indonesia
Telecom1
1. Financially attractive assets are telecom towers – however, lower priority for SMI given large ticket size and ability of Telkom / Telekomsel to fund Source: BCG analysis
~13%
(0.6 Tn IDR)
~33%
(1.4 Tn IDR)
~11%
(0.5 Tn IDR)
~16%
(0.7 Tn IDR)
~12%
(0.5 Tn IDR)
13
The Future: Transformation to become a Development Bank
SMI before
PIP injection
Phase 1: Infrastructure Finance
Company Phase 2: Development Bank
PIP balance sheet
Government
support
(e.g. regulation,
tax incentives, ...)
SMI (Persero) SMI (Persero) UU LPPI (Lembaga)
Now-20171 2017 onwards1
• Additional roles to provide municipal
financing (social infrastructure)
• More active in tapping alternative sources
of funding and reduce cost of funds to
grow size of financing
• Expanded roles to catalyze infrastructure
market, e.g. provider of PDF, channeling
on multilateral loans
• Requires government support: tax
advantaged funding
• Fast growing infrastructure
financier
• Started tapping into alternative
funding sources, but still
relatively small
• Begin to act as advisor to public
and private sector to help
project feasibility
• Grow Infrastructure and priority sectors
• Support economic and social development of
Indonesia
• Unlock market failures preventing
development
• Combine world-class project finance with a
focus on economic outcomes
• Requires Gov. Support: bankruptcy remote,
minimum capital guarantee, government
guaranteed loan and tax exempt entity status
Strategic Industry
Maritime
Catalyze
infrastructure finance market
One-stop
infrastructure financial advisor
Agriculture
Financing of
national and regional infrastructure
14
Issues on Infrastructure Financing Development Bank to Provide
Maturity Mismatch for Traditional Banks
Government Financing is not Enough
Deep Expertise is Required
Significant Risk
Better Maturity Mismatch
Create Multiplier by Leveraging Private Funds from Capital Market
Specialized Expertise in Infrastructure
Risk Mitigation and Diversification
Roles of Development Bank in Infrastructure Financing
15
Development Bank will Differentiate from Commercial Banks
Objectives
Funding
sources
Competition
principles
Sector
strategy
Government
support
Development Banks
Balanced objective: economic development
and catalytic role vs. maintaining financial
sustainability
Funded by the government, but also
leveraging private resources and
multilaterals
Primarily play where market is leaving a gap
to avoid crowding out commercial banks
Also include sectors where intervention is
required to address market challenges
Government incentives and support
beyond regulatory framework to deliver on
its objectives
Commercial Banks
Primary objective is to make a profit
Equity funding coming only from private
sector resources (except SOE banks)
Rigorous competition on the basis of equal
conditions to win market share
Free to adapt its strategy by focusing on
the most profitable sectors only
Assurance of a level playing field via
regulatory framework
16
Area Indicator
Development Banks Measure Success Along Four Dimensions
Usage of funds
Implementation
progress
Financial return
& sustainability
Funds disbursement
# of projects
prepared / developed
# of projects funded
Sector allocation
v.s.target
# of jobs created
# of facilities installed
ROA
%NPL
Cost/ income ratio
ROE
Profit
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
% progress of facility
installations
Economic
Impact
✓
17
Four Possible Sources of Funding Available for Development Bank
Potential funding sources for the New
Development Bank
The New
Development
Bank’s
funding
Multilaterals
Foreign commercial
bank loans
Government Capital
Capital Market - Domestic Investor
- International Investor
Descriptions
Low interest loans provided by multilaterals such as
World Bank, ADB, KfW, usually in foreign currency
Foreign-denominated loans (e.g. USD) financed by
non-Indonesian banks
Paid up capital by Government to be leveraged with
other sources of fund
Investments by domestic investors (pension funds
(BPJS, insurance companies and Haj funds) and
foreign investors (pension funds and insurance
companies)
2
3
4
1
18
Lowering Cost of Fund with Government Support
Funding sources Intervention to reduce funding cost Examples
The New
Development
Bank
Government and related
entities/funds
Local bond market/
institutional investors
Multilaterals
Commercial
bank loans
Govt. borrowing on capital markets and
pass through to SMI and/or lending from
other govt entities at preferential rates
Introduce tax exemption, govt guarantee, or
mandatory allocation to increase appetite of
local inst. investors
Introduce direct lending schemes from
multilaterals, where SMI could borrow at
preferential rates based on govt guarantee
provided
No intervention as rates are market-based; but
could increase borrowing from domestic or
international banks
International capital
markets
Attract more international
investors to Indonesia to make the local
bond market more competitive
1
2
3
4
In addition, there could be non-funding support mechanisms, e.g. operational support, regulation, ...
5
19
Maritime
Indirect lending1 via commercial banks and
leasing institutions
Roles
Direct loans/soft loans for large ships
Legend
Indonesia Development Bank (LPPI)
Strategic
Industry
Roles
SME credit rating and industry support center
Indirect lending1 via commercial banks and
micro lenders
Roles
Indirect lending1 via commercial banks and
micro-lenders
Guarantee crop insurance
Agriculture
Farmer training and farming marketplace
Direct loans/soft loans to large industry
Direct lending Advisory/Capabilities Indirect lending
Infrastructure
Roles
One-stop infrastructure
financial advisor
Financing of
national and regional
infrastructure
Catalyze infrastructure finance
market
20
Several Benefits to Combining Multiple Sectors in One Bank
Benchmarks show development banks
typically manage several sectors...
• Several sectors focus, i.e :
infrastructure, basic inputs
agriculture, environment, etc
• Several sectors focus, i.e :
infrastructure, industry, and
water conservation, etc
• Several sectors focus, i.e :
Infrastructure, Manufacturing ,
Trade, etc
• Several sectors focus, i.e:
water, energy, transport, ICT;
also offers municipal financing
... due to benefits in combining multiple
sectors in one bank
Risk pooling amongst sectors
Flexibility to grow/shrink sectors
Easier Inter- sectoral policy synchronization
Sharing of governance structure
Sharing of capabilities (e.g. cost benefit)
Greater career opportunities attracts talent
Less specialization in sector talent
Less ability to ring fence sectors and steer
independently
+
+
+
+
+
+
−
−
Brazil
China
South Korea
South Africa
21
Highly Leverage is Possible, but with Heavy Government Support
4
14
2
0
12.4 X
IIFCL BNDES IDFC DBSA BPMB
Leverage of benchmark development banks (latest annual report)
BNDES an outlier due to
strong government
intervention (e.g. much
larger than other DBs)
• Tax exemption
• Mandatory
allocations by inst
investors
• Direct government
loans at low rates
• Infra bonds tax
exemption
• Less stringent
financial regulations
due to NBFC-IFC
status
• Infra bonds tax
exemption
• Govt loan guarantee
arrangement
• Less stringent financial
regulations due to
NBFC-IFC1 status
• Corporate tax
exemption
• Bond tax
incentive
• Credit
guarantees
Liabilities (Bn USD)
Equity (Bn USD)
423
34
9.7
2.4
5.0
0.9
4.1
1.7
3.6
2.0
• Tax incentive on
govt infra projects
• Govt infra fund to
support FX losses Government
support
1,8x 2,4x 4,0x
5,6x
12,4x
22
THANK YOU FOR YOUR
KIND ATTENTION
Contact Us:
Website : www.ptsmi.co.id
Email : [email protected]
Address: Wisma GKBI Building, 8th Floor,
Jl.Jend.Sudirman, No. 28, Jakarta
10210, Indonesia
Phone : 62-21-57851499
Fax : 62-21-57854298
Project Pejagan–Pemalang Toll Road
Location Central Java Province
Project Cost IDR 2.25 Trilion
SMI Portion IDR 700 Billion
Project Description
• The toll road is a part of the Trans Java toll road
network that is strategic route to reduce congestion
and shorten travel time.
• Loans in the form of working capital for the
construction of Section 1 and Section 2 of toll road
Pejagan-Pemalang (20.2 km)
Project Profile (1)
TOLL ROAD
Project Terminal 3 Soekarno-Hatta Airport
Location Cengkareng, Banten Province
Project Cost IDR 18.7 Trillion
SMI Portion IDR 500 Billion
Project Description
Increase the capacity of Terminal 3 of Soekarno Hatta
Airport to 47 million passengers per year.
Increase the total capacity of Soekarno Hatta Airport
via passengers using the new airport to 67 million
passengers per year.
AIRPORT
24
Project Medan – Binjai Toll Road
Location Medan – Binjai, North Sumatera
Project Cost IDR 1,604 Billion
SMI Portion IDR 481 Billion
Project Description
This highway is the first part of Trans Sumatra toll road
network that has the strategic value to the transportation
of people, goods and services, not only by reducing
congestion along these lines, but also shortening the
travel time.
TOLL ROAD
Project Jalan Tol Cikopo-Palimanan
Location Cikopo-Palimanan, West Java
Project Cost IDR 12.56 Trilion
SMI Portion IDR 500 Billion
Project Description
The toll road is a part of the Trans Java toll road network
to reduce congestion and to shorten travel time.
TOLL ROAD
Project Profile (2)
25
Project Underwater Gas Pipeline Pemping
Island – Tanjung Uncang
Location Batam, Riau Island Province
Project Cost USD 64.5 Million
SMI Portion USD 23.5 Million
Project Description
Construction of subsea gas pipeline (including
connection line) between the Onshore Receiving
Facility (ORF) Pemping Island – Tanjung Uncang,
Batam Island (13.5 km)
OIL AND GAS
Project Molotabu Coal-Fired Steam Power
Plant
Location Kampung Bintahale, Gorontalo Province
Project Cost USD 39.8 Million
SMI Portion USD 28 Million
Project Description
Molotabu power plant is intended to increase the capacity
of the electric power supply in Gorontalo and North
Sulawesi. This project is one of 31 PLN crash program
power plant projects for the year 2013-2020.
POWER PLANT
Project Profile (3)
26
Project Container Terminal Palaran
Location Samarinda, East Kalimantan
Project Cost IDR 550 Billion
SMI Portion IDR 370 Billion
Project Description
Container port infrastructure development and
supporting infrastructure
Project Container Terminal New Priok
Location Tanjung Priok, DKI Jakarta
Project Cost USD 906 Million
SMI Portion USD 5 Million (allocation from syndication)
Project Description
Increasing the capacity of unloading Port of Tanjung Priok
PT SMI Project Profile to Support Maritime Industry (4)
Project Port of Gresik
Location Gresik, East Java
Project Cost IDR 205 Billion
SMI Portion IDR 163 Billion
Project Description
Bulk port development, logging and multipurpose.
Project Port of Cigading
Location Cigading, Banten
Project Cost -
SMI Portion IDR 125 Billion
Project Description
Working capital for Cigading Port
27
SEAPORT SEAPORT
Project Wind Power Plant
Location Lebak, Banten Province
Project Cost IDR 1.6 Trillion
Project Description
PT SMI was pointed by UNDP to conduct fund
management for wind management. The fund allocated
is to finance the project preparation starting from
developing FS until reaching financial close. The project
scope of work: (1) developing Bankable FS, (2)
promoting project to the market, (3) arranging to reach
financial close
ADVISORY
Project Mini Hydro Power Plant
Location Lebong Utara, Bengkulu Province
Project Cost IDR 670 Billion
SMI Portion IDR 140 Billion
Project Description
Power plant is intended to increase the capacity of the
electric power supply in Sumatera.
FINANCING
PT SMI Project Profile to Support Renewable Energy (5)
28
Project 10 Roads and 1 Bridge in Center
Point of Indonesia
Location South Sulawesi Province
Commitment IDR 500 Billion
Tenor 5 Years
Interest Rate 7.75%
Project Description
Municipal Financing for Roads and Bridges in South
Sulawesi
ROAD AND BRIDGE BUS STATION
Municipal Project Profile (1)
Project Dungingi Bus Station (Type C)
Location Gorontalo Province
Commitment IDR 35 Billion
Tenor 5 Years
Interest Rate 7.75%
Project Description
Municipal Financing for Dungingi Bus Station
Development in Gorontalo City
29
Project Masbagik Traditional Market
Location East Lombok District, Nusa Tenggara
Barat
Commitment IDR 34.4 Billion
Tenor 5 Years
Interest Rate 7.75%
Project Description
Municipal Financing for traditional market development
in Masbagik, East Lombok District
TRADITIONAL MARKET PUBLIC HOSPITAL
Municipal Project Profile (2)
Project Karangasem Public Hospital
Location Karangasem District, Bali Province
Commitment IDR 46 Billion
Tenor 5 Years
Interest Rate 7.75%
Project Description
Municipal Financing for Karangasem Public Hospital
Development in Karangasem District
30
Co-Financing/
Investing “PT SMI and Investor
Co-Finance Projects”
Investor PT SMI
Projects
Loan
repayment
/ dividend
Loan
repayment
/ dividend
Loan /
equity
Co-
financing
Joint Venture “PT SMI and Investor
establish a Joint Venture
Company”
Investor PT SMI
Projects
JV
Company
Equity
Dividend Dividend
Loan
repayment
/ dividend
Loan /
equity
Bilateral Loan “Investor give loans to PT
SMI, PT SMI plays as a local
Partners’
Projects
PT SMI
Loan
repayment
/ dividend
Loan /
equity
Investor
Loan
repayment
Loan
channeling
31
Partnership Schemes: Financing Activity
Government Contracting
Agency
Project Company
Investor
EPC O&M Operator
Offtaker
Greenfield Projects Scheme (Investor and PT SMI put Equity together)
Brownfield Projects Scheme (Investor and PT SMI put Equity, PT SMI also monitor the Project)
1
1 Put Initial Equity as an Equity Investor
Government Contracting
Agency
Project Company
PT SMI
EPC O&M Operator
Offtaker
1
2
1
2
Investor Put an Equity
PT SMI Put Equity as well as Monitor the Project
Existing Equity Investor
Investor
Shareholders’ Agreement
PT SMI
32
Partnership Schemes: Investment/Co-Investment Activity
Private Placement for Bonds or MTN
Direct Investment Scheme Through Private Equity/RDPT
Institutional Investors
Private Equity Fund/Infra Fund
(RDPT)
Underlying Asset in Infrastructure Project
Bonds/ MTN
Project Monitoring
Return
Unit Subscription/Redemption Institutional
Investors PT SMI
Direct Investment (Co-Investment)
Infrastructure Projects (Basic Infra, Social Infra, Renewables Energy, ect)
Equity Dividend
Dividend Equity Project Monitoring
PT SMI
Institutional Investors
Repayment Loans
Bonds/ MTN
Infrastructure Projects (Basic Infra, Social Infra, Renewables Energy, ect)
Repayment (Interest+ Principal)
Equity
The Asset Quality data will be maintained by PT SMI for Project Monitoring purpose,
Since it will increase the Investors’ Appetite to invest in Infrastructure Sector
Investment Manager
Fund (Private
Placement)
Fund (Private
Placement)
Repayment (Interest+ Principal)
1 2 3
Project Monitoring
Repayment Fund
PT SMI
Fund Repayment
Repayment Fund
Several Scheme for Long Term Investors to Invest in Infrastructure Sector
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Bajulmati Reservoir,
Banyuwangi
Batam Municipal Solid
Waste Management
Rolling Stock Project for INKA
Soekarno Hatta Airport Rail Link
Water Supply Project
Jakarta
Mini Hydro Power Plant,
Mobuya, North Sulawesi
Coal-Fired Power Plant
Tanah Grogot, East Kalimantan
Coal Gasification Power Plant,
West Kutai
Bridge Project
Kali Api, Manokwari
Dekai-Oksibil
Road Project, Papua
Hydro Power Plant
Asahan, North Sumatera
Mini Hydro Power Plant Tara Bintang,
North Sumatera
Hydro Power Plant, Humbahas, North
Sumatera
Mini Hydro Power Plant South Solok,
West Sumatera
Mini Hydro Power Plant
Lebong, Bengkulu
Citarum Drainage Project,
Karawang-Bekasi, West Java
Water Treatment & Supply
Project, Tegal Gede, Bekasi
Cikopo-Palimanan Highway West
Java
Gas-Fired Power Plant, Tanjung
Uncang, Batam
LPG Storage Terminal,
Semarang
Mini Hydro Power Plant Banjarnegara,
Central Java
Umbulan Water Spring, East
Java
Ngawi – Kertosono Toll Road
River Kujang Drainase Project,
Samarinda
Paselloreng Dam Project, Wajo,
South Sulawesi
Bridge Wariki Project
Manokwari
Tugu Station and Pedestrian
Revitalization, Yogyakarta
Lolak Dam, Bolaang
Mongondow, North Sulawesi
Wundulako Irrigation
Kolaka, Southeast Sulawesi
Jeneponto-Bantaeng Road,
South Sulawesi
Gerak Tempe Reservoir
Wajo, South Sulawesi
Wind Energy Power Plant
Sumba and Lebak
Oil Refinery
Bojonegoro, East Java
Coal Train, East
Kalimantan
Mini Hydro Power Plant Tara Bintang,
North Sumatera
Coal-Fired Power
Plant Project, Gorontalo
Bulk Port, Tuban
East Java
Bulk Port, Gresik
Marisa Port,
Gorontalo Floating, Storage Offloading,
Madura
Floating, Storage Offloading
Natuna, Riau Islands
Mass Rapid Transit
Project, Surabaya
Logistic Murphy Semai Oil,
Fakfak
Arar Port Project
Sorong
Container Port Project Development and
Supporting Facilities at Palaran Port, East
Kalimantan
Solo – Ngawi Toll Road
• BTS Tower, Shelter throughout
Indonesia
• Working Capital in
Telecommunication
Port Container & Cigading
Port, Cilegon
Mini Hydro Power Plant, South
Solok, West Sumatera
Investment Planning Project at
Lombok Airport (Development)
Panaran Gas-Fired Power Plant,
Batam
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Pandaan-Malang Toll
Road, East Java (Equity)
Ciliwung River Normalization,
Jakarta
Passenger Terminal Project Supadio
Airport
Pontianak, West Kalimantan
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Expansion Project of Tanjung Priok
Port, Jakarta
57 Soekarno-Hatta Airport Development
Gas Pipeline Construction,
Batam
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Electrical Substation at
Kalibaru Port, Tanjung Priok
Corporate Business Plan, Banten
Activity Based Costing, Tanjung
Perak Surabaya, East Java
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Medan – Binjai Toll Road (Trans
Sumatera Toll Road), North
Sumatera
Pejagan – Pemalang Toll
Road (Trans Java Toll
Road), Cenral Java
Titab Reservoir Project
Buleleng, Bali 62
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Semarang-Solo Toll Road,
Central Java
Working Capital for Toll Road
Improvement, Central & East Java
Financial Advisor for Kertajati Airport
Development, West Java
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Working Capital for Port
Operations, Banten
Power Plant, Musi Banyuasin
South Sumatera
Power Plant, Kendari
Southeast Sulawesi
Palapa Ring Project
Waste to Energy Project, Nambo,
West Java
Mandalika Special Economic Zones,
Lombok, West Nusa Tenggara
Project Preparation for Water
Supply Project, Karawang, West
Java
Biogas Power Plant, Rokan Hulu
Riau
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Case Study of Integrated Railway
and Kualanamu Airport, North
Sumatera 64
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Leasing Rolling Stock Scheme in
corporation with PT KAI, Jakarta
Mini Hydro Power Plant
Lau Gunung, North Sumatera 65
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Coal-Fired Power Plant
Tenayan, Riau 66
Sosok – Tayan & Tanjung – Sanggau
Road, West Kalimantan
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Electricity Capex
Projects
Lavalette Hospital, Malang
East Java 68
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69 Port Development project in Jayapura
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Local Government
infrastructure
development assistance
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proyek | Advisory Services proyek | Financing and Investment 20 proyek | Project Development 6 65
Palembang – Indralaya Toll Road
(Trans Sumatera Toll Road),
South Sumatera
Coal-Fired Power Plant,
Lobam, Bintan
Jabung Irrigation Project,
East Lampung
Water Treatment & Supply,
Cipasauran, Banten
Gas Pipeline Construction for
Households, Tarakan,
West Kalimantan
34 Penajam Port Project,
East Kalimantan 72
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73 Lampung City Water Treatment
Project, Bandar Lampung
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Entikong Borderline Road, West
Kalimantan
PT SMI Portfolio Across Indonesia
34