Phase 1 · Step 1 — The 3-Project Portfolio

Understanding memo on the 3-SPV portfolio scope. Revised 2026-05-16.

1. What this portfolio is

Three Non-Thermal Waste-to-Energy (NTWTE) Anaerobic Digestion plants in Indonesia, each in a different region, each owned and operated by a dedicated local Special Purpose Vehicle (SPV). The portfolio is presented to a single investor as one bundled raise, with staggered drawdowns matched to each project's award and construction schedule.

Each plant converts municipal organic waste into Compressed Bio-Methane Gas (CBG) sold to PGN, Pertamina, or alternative qualified buyers at prevailing CBG market pricing, with secondary revenue from carbon credits and (in Bandung's case) tipping-fee share.

2. The three SPVs at a glance

Technology. All three SPVs use Covered Lagoon Anaerobic Digestion (CLAD), a proven configuration operating in Malaysia (Penang reference plant).

Co-digestion model. All three SPVs include animal feedstock — manure, slaughterhouse byproducts, livestock waste — alongside their municipal organic stream. Pasarjaya and Bandung each take 75 tpd; Lamsel scales to 100 tpd given the regency's established dairy and poultry catchment near Kec. Natar. Animal feedstock yields approximately 3-5× the biogas per ton of municipal organic, lifting overall plant biogas-output efficiency.

Portfolio total: 1,165 tpd organic feedstock across the three SPVs (390 + 350 + 425) — comprising 915 tpd municipal organic and 250 tpd animal co-digestion. The platform processes over 1,100 tpd of organic waste per day across three regional footprints.

3. Phasing — single investor view

Awards are 6 months apart, sequencing the capital draw on a single investor:

2026  J F M A M J J A S O N D     ← Pasarjaya AWARD (Oct)
2027  J F M A M J J A S O N D     ← Bandung AWARD (Apr), Lamsel AWARD (Oct)
2028                              ← Pasarjaya COD (Oct)
2029                              ← Bandung COD (Apr), Lamsel COD (Oct)

This means the investor sees a rolling, overlapping CAPEX deployment — never all three projects drawing peak capex simultaneously. Detailed cashflow shape belongs to Step 2 (funding flow).

4. Technical fit per area

4.1 PD Pasarjaya — urban, dense, pre-sorted feedstock + animal co-digestion

• Feedstock from 153 Jakarta traditional markets (Top-48 used; Kramat Jati excluded due to existing Black Soldier Fly facility) = 315 tpd MSW organic
• Feedstock is ~90% organic by composition — exceptionally high purity. No MRF needed because traders already separate.
• Animal feedstock: +75 tpd sourced from peri-urban West Java (Bekasi / Karawang / Subang) — poultry and slaughterhouse operations within trucking range of the Mega AD plant.
• Total organic feedstock: 390 tpd (315 MSW + 75 animal).
• Land in Jakarta is scarce → land model is long-term commercial lease, not purchase. PD Pasarjaya bears feeder-truck logistics for MSW.
• Hub-and-spoke logistics because of Jakarta congestion: market trucks deliver to 2 transfer stations on the city edge → bulk-haul to Mega AD plant in industrial corridor. Reduces feeder-haul from 18.4 → 10.4 km/ton (43% improvement).
• Zero tipping fee base case — disruptive vs incinerator model that demands large govt tipping fee.

4.2 Lamsel — peri-urban, mixed MSW + animal co-digestion

• MSW: 500 tpd at 50% organic = 250 tpd MSW net organic. Light MRF separates residual inerts before AD.
• Animal feedstock: +100 tpd (manure, slaughterhouse byproducts, livestock waste) sourced from the Lampung Selatan catchment — dairy and poultry operations near Kec. Natar. Lamsel scales animal sourcing 33% above the Pasarjaya/Bandung 75 tpd given the regency's established livestock supply chain.
• Total organic feedstock: 350 tpd (250 MSW + 100 animal).
• Site = TPA Lubuk Kamal in Kecamatan Natar — an active municipal landfill, MSW is already aggregated at one geographic point. Animal feedstock arrives separately via supplier truck.
• Lagoon-suitable site — CLAD well-matched to available land.
• Govt support: road infrastructure to the site (in-kind, not cash).
• Land profile: ~2.5 ha sufficient at this scale.

4.3 Bandung — peri-urban, mixed MSW + animal co-digestion, scaled-up

• MSW: 700 tpd at 50% organic = 350 tpd MSW net organic. Highest absolute wet tonnage of the three.
• Animal feedstock: +75 tpd sourced from the broader West Java livestock catchment — Bandung Regency, Garut, Subang, Cianjur (poultry and slaughterhouse operations).
• Total organic feedstock: 425 tpd — largest net-organic SPV in the portfolio.
• Full MRF required given mixed feedstock — but MRF is provided in-kind by govt (Kota Bandung + DLH).
• Site at Sarimukti on Perhutani land — permits via IPPKH (forestry use license) + Omnibus Law.
• 20% share of govt tipping fee (USD 5/tonne to SPV out of USD 25/tonne Kota Bandung pays) on waste delivered — only project with tipping-fee revenue. Kota Bandung retains 80% of the tipping budget to fund the in-kind MRF, program administration, and partnership oversight.
• CLAD at 3.5 ha.
• FS prepared Oct 2025 by PT JABUN with Greenviro Solutions + Orec Sdn Bhd as technical partners.

5. Anchor assumptions

1. 1,100+ tpd organic-feedstock platform across three regional footprints — total organic 390 / 350 / 425 tpd per SPV (portfolio 1,165 tpd, of which 915 from MSW + 250 from animal co-digestion). MSW inputs vary widely (350 / 500 / 700 tpd) reflecting different feedstock regimes (urban high-purity vs peri-urban mixed).
2. Co-digestion strategy across all three SPVs — Pasarjaya and Bandung at 75 tpd each, Lamsel at 100 tpd, animal feedstock (manure / slaughterhouse / livestock byproducts) alongside MSW. Animal feedstock yields ~3-5× more biogas per ton than MSW organic; the ~20% animal mass share delivers ~30-45% of total biogas output across the platform. Penang-style operating practice, not paper inflation.
3. Staggered award sequence enables single-investor capital deployment — Oct 2026 / Apr 2027 / Oct 2027 awards mean drawdowns rotate; the investor never sees three peak-CAPEX months simultaneously. (Detail belongs in Step 2.)
4. First-mover in a regulator-mandated market — Perpres 109/2025 mandates non-thermal for wet/organic waste; Indonesia has zero operating WtE-AD plants; Malaysia has three (Penang reference).
5. De-risked by named, locatable sites — Pasarjaya markets (Top-48), Bandung Sarimukti (Perhutani land via IPPKH), Lamsel TPA Lubuk Kamal (named active landfill). Not greenfield speculation.
6. Out-of-scope for Danantara/Danera state-equity dilution — Danera mandate is electricity OpCos (PLN offtaker, USD 0.20/kWh); our project is CBG (CBG offtake at USD 15/MMBTU). LP takes 100% economic interest in OpCo without sovereign dilution at commissioning.