MANAJEMEN INFRASTRUKTUR

PUBLIK:
PRIVATISASI (1)
Oleh:
Nuzul Achjar

Magister Pembangunan dan Kebijakan Publik

(MPKP) - Universitas Indonesia
Jakarta, Februari 2024
 Utility Network
Utility networks consisting of water, waste, electricity,
gas and telecommunication systems
It underpin the economic, social and environmental
performance of modern life
They are the basic spatial infrastructure grids which,
quite literally, provide the fundamental conduits through
which modern cities and regions operate.
Infrastructure systems are widely acknowledged to be a
lifeline inthe community and play a pivotal role in
sustaining economic prosperity and urban resilience and
sustainability
 SALING KETERKAITAN
 Infrastructure interdependencies and the cascading effects of infrastructure failures
have gradually received the attention of Integrated Asset Management (IAM)
practitioners and researchers.
 The life of a component of an infrastructure system is not only influenced by other
facilities in its vicinity, its breakdown and disruption can also induce a knock-on effect
to the entire infrastructure network, sometimes with catastrophic consequences.
 Maintaining a stand-alone asset management system for an individual infrastructure is
a myopic endeavor, as it fails to acknowledge the interrelationships and
interdependencies in the entire infrastructure network, viz. tracking and tracing
interconnected assets, detecting inter-network failures and managing incidents. Thus,
consolidating up-to-date data from various infrastructure system owners and operators
for joint decision support at the strategic, tactical, and operational levels can radically
streamline the decision-making processes and improve the accuracy, timeliness,
effectiveness, and efficiency of IAM decisions.
 Dirasakan perlunya pemahaman infrastructure network secara terintegrasi. Misalnya
saja di bawah tanah sepanjang koridor terdapat pipa, kabel dan jaringan pipa, dll.
 INTEGRATED ASSET MANAGEMENT INFRA
NETWORK

Prerequisites, integrated asset management processes, and

typical asset management issues solved.

Levels of integration between infrastructure asset systems

 Infrastructure: sector and subsector

Weber et al 2010
Private Partnership Projects
MAIN TYPES OF PRIVATE PARTICIPATION MODELS
 PRIVATE FINANCE INITIATIVES (PFI)

• There is no standard, internationally accepted definition of

PPP. The term is used to describe a wide range of
agreements of different types between public and private
sector entities
• PPP is understood as a long-term contract between a private
party and a government body for providing a public asset or
service with private financing.
• Private party or parties bear a significant share of the risks
and management responsibility
• Various forms of PPPs have been used to bridge the funding
gap by combining private sector investment in projects that
might otherwise be solely financed by the public sector
 Private Finance Initiatives (PFI)

• Build-Operate-Transfer (BOT)
• Build-Own- Operate (BOO)
• Build-Own- Operate-Transfer(BOOT)
• Design-Build-Finance-Operate (DBFO)
• Design-Construct-Manage-Finance (DCMF )
• Independent Power Producer (IPP)
• Design, build, finance, operate (DBFO)
• Turnkey
 BOT MODEL
• GOVT./GOVT. ENTITY ENTERS INTO AN AGREEMENT WITH PVT
COMPANY
• COMPANY AGREES TO FINANCE, DESIGN AND BUILD THE
FACILITY AT OWN COST
• CONCESSION FOR A FIXED PERIOD
• OPERATE THE FACILITY, COLLECT TOLLS & REVENUES AND
TRANSFERS BACK TO GOVT.
• INTENTION TO RECEIVE SUFFICIENT REVENUE DURING
OPERATION PHASE TO:
• SERVICE THE DEBT IN DESIGN & BUILDING
• COVER WORKING CAPITAL
• MAINTAIN THE FACILITY
• REPAY EQUITY INVESTORS
• REASONABLE PROFIT FOR INVESTORS
• GOVT. REALLOTS THE RISK AND REWARDS IN THE
DEVELOPMENT OF INFRASTRUCTURE PROJECTS TO PRIVATE
SECTOR
 FAKTOR PENDORONG PRIVATISASI

• Influenced by neoliberal economics  markets as the crucial mechanisms

for regulating both domestic and world economies  abolished or
restricted monopoly in infrastructure
• Encourage private capital to own or participate in the management,
maintenance, and construction of infrastructure projects through various
types of partnerships between public and private entities
• Allow the private sector to play a larger role in mobilizing financial
resources for key urban services such as roads, metro, power, waste
management, and water and sanitation
• According to World Bank statistics, from 1990 to 2008 investments in
private participated infrastructure sectors in China totaled 103.3 billion US
dollars, which accounts for 48.3% of such investments in East Asia and
Pacific regions or 9.1% of the world total (The World Bank, 2009).
THEORETICAL FOUNDATIONS OF PPP RESEARCH IN DIFFERENT DISCIPLINES
 GENERAL OBJECTIVES OF PRIVATIZATION

• Increase economic efficiency, to decrease the public sector role in

business decisions, to broaden share ownership, and to increase
clarity in determining public sector payments
• More efficient production
• Meeting of short-term financial requirements in the public sector
• Increased competition on the market
• Promotion of people’s capitalism
• Closer examination of financial markets
• Changes in the instruments or in the priority objectives of economic
policy in detriment to state-owned enterprises
• Greater involvement of workers in the business
 TUJUAN PRIVATISASI DALAM KONTEKS INDONESIA

 Meningkatkan pendapatan bagi pemerintah

 Mendorong efisiensi ekonomi
 Mengurangi campur tangan pemerintah dalam
perekonomian
 Mendorong kepemilikan saham yang lebih luas
 Memberikan kesempatan untuk mengenalkan
persaingan
 Mengembangkan pasar modal negara
 Examples of Privatization
 Social Security  Parks
 Medicare  Court services
 Student loans  Free Trade
 Military service  Eliminate food safety
 Highways, roads, and  Eliminate environmental
bridges safety
 Corrections  Establish a flat tax
 Education  Eliminate Workers
 Libraries Compensation
THE ECOSYSTEM OF AN INFRASTRUCTURE (PROJECT) ASSET
 What should the government do?

Public Safety
Defense
Justice
Protect public health/environment
Education
Ensure democracy
Other?
 BENEFITS OF PRIVATISATION (1)

• ACCELERATE GROWTH IN ECONOMY

• RELIEVES GOVT OF FINANCIAL AND ADMINISTRATIVE BURDEN
• INCREASED EFFICIENCY, PRODUCTIVITY, BETTER SERVICE TO
PUBLIC
• SUCCESS DEPENDS ON COUNTRY’S LEGAL SYSTEM,
GOVERNMENT’S COMMITMENT TO PRIVATISATION, POLITICAL
STABILITY
• BENEFITS AND RISKS SHOULD BE BORNE IN MIND WHEN
NEGOTIATING CONTRACTUAL STRUCTURE
 BENEFITS OF PRIVATISATION (2)
• Efficiency
• Better governance to improve accountability  less politically oriented
decision making
• Improved transparency and competition to reduce opportunities for
corrupt practices and to bring hidden costs into the open.

• Whole Asset Life Solution

• Public funding of infrastructure maintenance often falls short of
requirements, in particular in developing countries.
• Poor maintenance results in significant increases in future
infrastructure investment requirements, representing a significant
disadvantage for these countries.
• PPP helps manage this funding shortfall by designing
sufficient funding into the project from the start
• Transparency and Anticorruption
• Technology, Innovation and Know-how
• Sources of Financing
 Water privatization China
 During the marketization process of urban water supply in China, a number of
international investors in China:
 Sino French Water,
 Veolia
 ThamesWater
 Domestic private investors (e.g., Beijing Capital Group, General Water of China, and
Shenzhen Water Group) have actively participated in the market of water supply
through PSP.
 There are more than ten models of PSP in the water supply sector:
 Share transfer
 Joint venture
 BOT (Build-Operate-Transfer)
 TOT (Transfer-Operate-Transfer)
 BT (BuildTransfer)
 ROT (Renovate-Operate-Transfer)
 BOO (Build-Own-Operate)
 Operation & Maintenance Contract
 Operation Outsourcing
 Water privatization China (2)
 Among them, share transfer, joint venture, BOT, and TOT are dominant
ones
 The share transfer and joint venture models make changes in the ownership
of the water utility. Under share transfer, the government sells part of the
water utility's ownership to private investors.
 For example
 Changshu Water Utility in Jiangsu Province sold 49% of its shares to
Sino French Water in 2006
 In 2010, Water Conservancy Investment of Jiangxi Province acquired

84.67% of the shares of the Xiushui Water Utility

 In 2012, Jintang Water Utility in Sichuan Province sold all its shares:
51% to Chengdu Water Utility, 39% to Dujiangyan Water Conservancy,
and the rest 10% to Hitachi Plant Technologies.
 Water privatization China (3)
 In a joint venture, the government establishes a joint company to own and run
the water utility.
 The government contributes the existing fixed assets, while private investors
usually contribute cash
 One example is a joint venture by Yuyao City Investment & Development
(20% of the shares of the joint venture) and Beijing Capital Group (80% of the
shares
 A franchise agreement was granted by the local government for the joint
venture to provide water supply service in the region for 25 years.
 A 2005 study on the marketization of urban infrastructure by the Ministry of
Construction found that share transfer and joint venture are the dominant PSP
models in the urban water supply sector.
 Among the 129 water supply projects involving private investors that were
surveyed, 94.6% follow the share transfer or joint venture model (Fu & Chang,
2006).
 Water privatization China (4)
 In PSP models other than share transfer and joint venture, the government
retains ownership of the water utilities.
 In a BOT arrangement, the private investor is in charge of facility financing
and construction, and owns and operates the utility under the government
concession for a specified time period.
 When the concession expires, the private investor is required to transfer the
facility to the water utility.
 One example is the BOT of Pei Xian water supply in Jiangsu Province in 2016.
 A joint company set up by Pei Xian City Investment & Development (accounting for
90% of the shares) and Xingrong Group (accounting for 10% of the shares) receives a
concession to construct and operate water facilities for 30 years.
 In a TOT arrangement, the private investor pays a transfer fee to the government to
obtain the rights to operate the facilities for a specified time period and returns the
facilities when the contract expires.
 Water privatization China (5)
 In 2006, Shenzhen Water Facility Investment acquired the 28-year water service
franchise via TOT in Anji, Zhejiang Province.
 BOT and TOT approaches dominate China's wastewater sector in China
according to the 2005 survey by the Ministry of Construction, but only a few
water supply projects adopted these approaches (Fu & Chang, 2006).
 PSP in urban water utilities at prefectural cities, such as Shanghai, Chongqing,
Xiamen, Shenzhen, and Shenyang, has received tremendous public attention.
 In contrast, much less attention is paid to the PSP of urban water utilities at the
county level. This could be attributed to the smaller scale of these utilities as
compared to their prefectural counterparts.
 Although the size of the service population for individual county water utilities is
small, the overall size of China's population served by county water utilities is
considerable.
 According to Department of Rural Surveys, National Bureau of Statistics (2013),
in 2012 more than 195 million people resided in urban areas of 2084 counties or
county-level cities.
 CONTRACTUAL STRUCTURE

MAIN PARTIES

•GOVERNMENT
•PROJECT COMPANY
•INVESTORS
•LENDERS
•CONTRACTOR
•CONSULTANTS
•OPERATOR
•USERS
 GOVERNMENT

• GRANTS CONCESSION THROUGH LEGISLATION, SPECIFIC FOR THE

PROJECT – LAND RIGHTS, FUTURE DEVELOPMENT, MONETARY AND
ENVIRONMENTAL CONTROLS, DEGREE OF RISK ASSUMPTION
• MONITOR THE PROGRESS
• MONITOR THE OPERATION OF THE PROJECT
• EXERCISE CONTROL TO ENSURE:
• PRODUCT ACHIEVED ON TIME
• APPROPRIATE SAFETY STANDARDS ARE MET
• QUALITY OF THE FACILITY AT THE TIME OF TAKE OVER HAS A
LONG USABLE LIFE WITH LOW MAINTENANCE COST
 PROJECT COMPANY

SINGLE PURPOSE COMPANY

• GRANTEE OF THE CONCESSION
• RESPONSIBLE FOR :
• SECURING FINANCE
• PROCURING DESIGN AND CONSTRUCTION OF THE PROJECT
• OPERATION OF THE PROJECT AND EVENTUAL TRANSFER BACK TO
GOVT.
• SERVICING THE DEBT INCURRED IN IMPLEMENTATION OF THE PROJEC
 INVESTORS

TYPES
• PROJECT SPONSORS- PARTICIPATION NOT RESTRICTED TO
INVESTORS – CONTRACTOR, OPEARATING COMPANY; BANKS, GOVT.
• LONG TERM INVESTORS – INTEREST IS INVESTMENT, MANAGEMENT
OF THE COMPANY – MEMBERS OF PUBLICTAKE PART IN STOCKS OF
THE COMPANY
 LENDERS

• BANKS, FINANCIAL INSTIUTIONS

• CURRENCY – ONSHORE, OFF SHORE
• PROJECT EXPENDITURE – LOCAL CURRENCY
• CONSTRUCTION EQUIPMENT, MATERIALS- FOREIGN
• REVENUE – SOLE SOURCE OF REPAYMENT- LOCAL
• CURRENCY; REVENUE SOURCED IN FOREIGN
• CURRENCY – CONTAINER TERMINAL, POWER STATIONS, OIL
REFINARIES
• EXCHANGE CONTROL RESTRICTIONS PROJECT LOANS – LIMITED
RESOURCES
• COMPLEX RISK PROFILE
• LENGTH OF PERIOD OF LOAN
• SUSCEPTABILITY
• TO POLITICAL RISKS
• LOW MARKET VALUE
• LOW MARKET VALUE OF SECURITY PACKAGE
• LIMITATIONS ON ENSURING SECURITY – HONKONG –
• GOVT. RESTRICTIONS ON ENFORCEMENT, ASSETS HAVE
• LOW VALUE TILL COMPLETION
 CONTRACTOR

PRINCIPAL SPONSOR
• GREATEST RISK – COMPLETION RISK
• LENDERS – RISK ON PROJECT SPONSORS –
COMPLETION GUARANTEE
• RISK ON CONTRACTOR – TIME, COST, QUALITY
WARRANTIES
• REALLOCATE LARGE RISK TO CONTRACTOR
• CONTRACT – MOST HEAVILY NEGOTIATED DOCUMENT
 CONSULTANTS

• FINANCIAL CONSULTANTS – STRUCTURING BOT,

• SHOULD BE FAMILIAR WITH HOST COUNTRY AND
• CAPITAL MARKETS, FINANCIAL INSTITUTIONS
• ENGINEERS & TECHNICAL CONSULTANTS – TO
• MONITOR QUALITY OF WORK AND PROGRESS
• INSURANCE ADVISERS
• LEGAL ADVISERS
PERANAN SMI
 Partisipasi PT SMI Dalam Pembiayaan Proyek Jalan Tol

Komitmen dan Outstanding dalam Rp miliar

Outstanding Debitur Komitmen Outstanding

Komitmen
Hutama Karya (Persero) 2.281 1.967
dalam Rp miliar
Jasamarga Manado Bitung 653 24
Jasamarga Surabaya Mojokerto 700 468
Lintas Marga Sedaya 500 482
Marga Sarana Jabar 540 540
Ngawi Kertosono Jaya 260 167
2013 2014 2015 2016 2017 Feb-18
* termasuk pinjaman kepada Pemda, Subordinasi IIF, dan Penyertaan Modal Pejagan Pemalang Tol Road 987 668
Semesta Marga Raya 500 500
Portfolio PT SMI per Februari 2018
Solo Ngawi Jaya 347 273
Trans Marga Jateng 785 617
Translingkar Kita Jaya 1.393 1.193
Waskita Karya (Persero) Tbk 2.000 802
Wijaya Karya (Persero) Tbk PT 883 273
Total 11.828 7.974

Komitmen Outstanding

33
 3 Pilar Bisnis dan Perluasan Sektor Bisnis PT SMI

Pilar Bisnis #1 Pilar Bisnis #2 Pilar Bisnis #3

Sumber Pendanaan PEMBIAYAAN & JASA PENGEMBANGAN Fokus Sektor
INVESTASI KONSULTASI PROYEK

Pembiayaan Fasilitas Ketenagalistrikan Transportasi Telekomunikasi

Penyertaan Modal Infrastruktur Public Sector Pengembangan
Negara (PMN) Advisory Proyek (FPP)
• Senior loan (Modal Kerja,
Proyek KPS
Kredit Investasi)
• Junior Loan Rolling Stock Minyak
• Mezzanine FPP & Pengelolaan
Pasar Modal Kereta Api dan Gas
• Penyertaan Modal dana donor
Training & Capacity
(Obligasi, Surat (Equity)
Building
Utang, Sekuritisasi) • Jasa Arranger & Proyek Energi Terbarukan Energi Air Jalan dan
Underwriter (Fase Explorasi Geothermal) Minum Jembatan
• Standby Lender PPP
Efisiensi
TA & Pengelolaan dana
donor Manajemen Air Limbah
Pembiayaan Pemda Investment Irigasi
Pinjaman dan Hibah dan Persampahan
(PIP/RIDF) Advisory
(Konvensional dan Proyek Pemerintah Daerah
Syariah)
Pembiayaan Syariah Rumah Infrastruktur Infrastruktur
Pasar Modal Syariah
Technical Sakit Pemasyarakatan Pendidikan
• IMBT/Lease with Option Assistance
BPJS / Asuransi to Own
• Murabahah/Installment
Syariah Financial
Sale with Deferred Pmt. Infrastruktur
• MMQ/Diminishing Advisory Infrastruktur
(Konvensional dan Kawasan Pasar
Partnership Pengelolaan Pariwisata
Dana Haji & Syirkah • Musharakah/Joint Syariah) Dana Donor
Partnership
• Ijarah Indent*
Sovereign Wealth
Fund Infrastruktur Sosial

IMBT= Ijarah Muntahia Bittamlik MMQ= Musyarakah Mutanaqisah *Dalam proses pengembangan
34
 Keunikan Produk Pembiayaan dan Investasi PT SMI

Berdasarkan Struktur Pembiayaan Proyek Berdasarkan Tenor Pembiayaan Proyek

Produk Pembiayaan dan

• Pembiayaan Investasi
Investasi/Berjangka •Pembiayaan
• Pembiayaan Take- Investasi/Berjangka
•Pembiayaan Take-Out
Out Financing
Financing
70-80% • Pembiayaan Tenor Panjang •Pembiayaan Promoter
Debt Promoter Financing (> 5 Tahun) Financing
• Pembiayaan Modal •Subordinated Loan
Kerja •Mezzanine
• Pembiayaan Dana •Penyertaan Modal (Equity
Talangan Investment)

Subordinated Loan
Quasi-Equity

Produk Pembiayaan
Mezzanine •Pembiayaan Modal Kerja
20-30% •Pembiayaan Dana Talangan
Equity Tenor Pendek
Convertibles •Cash Deficiency Support
(1-5 Tahun)
(CDS)
Equity

Dengan keunikan dan keunggulan produk yang dimiliki, PT SMI fokus pada percepatan pembiayaan
infrastruktur baik proyek greenfield, brownfield, dan penyertaan modal

35
 Kinerja Keuangan PT SMI
Corporate Rating: AAA
2012 (Audited) 2013 (Audited) 2014 (Audited) 2015 (Audited) 2016 (Audited) 2017 (Unaudited)

Opini Laporan Wajar Tanpa Wajar Tanpa Wajar Tanpa Wajar Tanpa Wajar Tanpa
-
Keuangan Pengecualian Pengecualian Pengecualian Pengecualian Pengecualian
A
Tingkat Kesehatan AA AAA AAA AAA AAA AAA
A
AA/Stable AA+/Stable AA+/Stable AA+/Stable AAA/Stable AAA/Stable
Domestic
(Fitch Ratings) (Fitch Ratings) (Pefindo & Fitch) (Pefindo & Fitch) (Pefindo)** (Pefindo)**
Rating
Interna- BBB-/Stable BBB-/Stable BBB-/Stable BBB-/Stable BBB/Stable
tional (Fitch Ratings) (Fitch Ratings) (Fitch Ratings) (Fitch Ratings) (Fitch Ratings)

CAGR
CAGR
69%
64%

CAGR
61%
R
CAG
51%

*Pada tahun 2015, Pemerintah memberikan tambahan modal sebesar Rp20.3 trilliun kepada PT SMI (Rp 18.3 triliun peralihan aset dari Pusat Investasi Pemerintah (PIP))
** Pada bulan Maret 2016, Pefindo meningkatkan corporate rating PT SMI menjadi “AAA”
36
 Keunikan Produk Pembiayaan dan Investasi PT SMI
Contoh Pembiayaan Investasi dengan Tenor 25 Tahun
dalam Proyek Jalan Tol Medan - Binjai

Profil Proyek Struktur Proyek

PMN kepada
PT Hutama Karya
Kebutuhan Rp 1,1 triliun
Investasi
Jalan Tol
Proyek Jalan Tol Medan-Binjai Medan-Binjai
Rp 1,6 triliun Pinjaman
Lokasi Sumatera Utara dari
Nilai Proyek Rp 1,6 triliun PT SMI
Rp 481 Miliar
Porsi SMI Rp 481 miliar

Deskripsi Proyek Jangka

Waktu
25 tahun (Grace Period 15 tahun)
•Jalan Tol Medan-Binjai (16 km) merupakan Proyek
Strategis Nasional sesuai Perpres No. 3 tahun 2016 dan Lalu Lintas Harian Rata – Rata (“LHR”) ruas Tol Trans
Proyek Prioritas Nasional sesuai Permenko No.12/2015 Sumatera yang relatif rendah jika dibandingkan dengan
Catatan
•Merupakan greenfield proyek dengan estimasi trafik yang LHR ruas tol di Jawa sehingga dibutuhkan struktur
masih rendah pembiayaan dengan waktu jatuh tempo yang panjang.

37
 Keunikan Produk Pembiayaan dan Investasi PT SMI
Contoh Cash Deficiency Support dalam Proyek Jalan Tol Trans Sumatera
Ruas Palembang-Indralaya

Profil Proyek Struktur Proyek

PMN kepada
PT Hutama Karya
Kebutuhan Rp 2,1 triliun
Investasi
Jalan Tol
Tranche A
Proyek Jalan Tol Palembang-Indralaya Palembang- Rp 690,34 miliar
Indralaya Pinjaman
Lokasi Sumatera Selatan Rp 3,3 triliun dari Tranche B*
PT SMI Rp 300 miliar
Nilai Proyek Rp 3,3 triliun
Rp 1,24 triliun
Tranche C**
Porsi SMI Rp 250 miliar (Cash Deficiency Support)
Rp 250 miliar
Deskripsi Proyek
a) Tranche A : 25 tahun (Grace Period 15 tahun)
Jalan tol Palembang – Simpang Indralaya, sepanjang Jangka
Waktu
b) Tranche B : 15 tahun (Grace Period 5 tahun)
±21,93 km yang terletak di Provinsi Sumatera Selatan ini
c) Tranche C : 25 tahun (Grace Period 15 tahun)
merupakan jaringan tol Trans Sumatera yang mempunyai
nilai strategis bagi kegiatan transportasi manusia, barang *) Tranche B merupakan porsi yang akan di-sell
dan jasa serta akan mengurangi kemacetan di sepanjang down.
Catatan
jalur tersebut dan memperpendek waktu tempuh. **) Tranche C merupakan Standby Facility berbentuk
Cash Deficiency Support
*Produk CDS merupakan solusi inovatif untuk mengatasi rendahnya volume lalu lintas pada ramp-up period
38
 Keunikan Produk Pembiayaan dan Investasi PT SMI
Contoh Produk Dana Talangan Tanah dalam Proyek Jalan Tol Trans Sumatera
Ruas Medan - Binjai, Palembang - Indralaya, Bakauheni - Terbanggi Besar, Pekanbaru - Dumai

Profil Proyek Struktur Proyek

Dana Talangan PT SMI kepada

PT Hutama Karya (4 Ruas
Trans Sumatera)
Kebutuhan
Rp 1,84 triliun
Dana
Talangan
Proyek Jalan Tol Trans Sumatera Jalan Tol
Trans
Lokasi Bandar Lampung – Aceh Sumatera Dana Talangan PT SMI kepada
PT Hutama Karya (Ruas Bakauheni-
Nilai Proyek Rp 4,07 triliun
Terbanggi Besar Paket I
Porsi SMI Rp 3,00 triliun (Dana Talangan) Rp 1,16 triliun

Deskripsi Proyek
•Jalan Tol Trans Sumatera merupakan Proyek Strategis Jangka
Nasional sesuai dengan Perpres No. 3 tahun 2016 dan Waktu
1 Tahun
Proyek Prioritas Nasional sesuai Permenko No.12/2015 Selain mendapatkan dana talangan tanah untuk
menunggu pencairan dana dari Lembaga Manajemen proyek jalan tol Trans Sumatera, PT Hutama Karya
Aset Negara (LMAN) Catatan
juga mendapatkan pinjaman untuk tanah proyek jalan
•Merupakan greenfield proyek dengan estimasi trafik yang
tol.
masih rendah

*Produk Dana Talangan merupakan solusi inovatif untuk mempercepat pembebasan lahan dalam proyek Jalan Tol 39
 Keunikan Produk Pembiayaan dan Investasi PT SMI
Contoh Pembiayaan Subordinasi dalam Proyek Jalan Tol Semarang-Solo

Profil Proyek Struktur Proyek

Badan Pengelolaan
Struktur Pinjaman
Jalan Tol

Senior Loan:
Bank Mandiri, BNI,
BRI, Bank BPD Jateng
dan
Offtaker : PT SMI
PT Trans Marga
Floats Traffic
Jateng (TMJ)
Proyek Jalan Tol Semarang-Solo Factor

Subordinasi:
Lokasi Jawa Tengah PT SMI

Nilai Proyek Rp 9,13 triliun

Rp 785 miliar, terdiri dari:
Porsi SMI •Senior Loan (Rp 150 miliar) Jangka 10 tahun (pinjaman senior)
•Subordinasi (Rp 635 miliar) Waktu 15 tahun (Subordinasi)
Deskripsi Proyek Pinjaman subordinasi merupakan pembiayaan
Pembiayaan untuk pembangunan Jalan Tol Ruas terhadap sebagian porsi modal (equity) dalam rangka
Semarang-Solo sepanjang 72,64 km Tahap I (Seksi 1: Catatan akuisisi, pembangunan, pengembangan/peningkatan
Semarang – Ungaran dan Seksi 2: Ungaran – Bawen) kapasitas/ekspansi, dan belanja modal proyek
infrastruktur.

40
 Keunikan Produk Pembiayaan dan Investasi PT SMI
Contoh Pembiayaan Investasi dalam Proyek Jalan Tol Trans Jawa

Profil Proyek Struktur Proyek: Ruas Cikopo - Palimanan

Badan Pengelolaan Pinjaman Sindikasi

Jalan Tol
Tranche A:
BCA, Mandiri, BRI, PT
SMI, dan lain-lain

Proyek Jalan Tol Trans Jawa Offtaker : Tranche B:

PT Lintas Marga
Floats Traffic Maybank MLY, Exim
Cikopo- Solo-Ngawi, Ngawi-
Sedaya (LMS)
Factor MLY, dan lain-lain
Lokasi Palimanan, Jawa Kertosono,
Jawa Barat Tengah/Timur Jawa Timur
Tranche C:
Panjang IFC, ADB, PT IIF, dan
116,75 km 90 km 87 km
Ruas lain-lain

Nilai Rp 12,56 Rp 6,15 Rp 4,70

Proyek triliun triliun Triliun

Porsi PT
Rp 300 miliar Rp 430 miliar Rp 326 miliar Dalam pembiayaan Jalan Tol Trans Jawa, PT SMI
SMI
Catatan melakukan pembiayaan sindikasi bersama dengan
Jangka bebebrapa Bank BUMN dan Non BUMN
15 tahun 15 tahun 15 tahun
Waktu

41
 Keunikan Produk Pembiayaan dan Investasi PT SMI
Contoh Penyertaan Modal dalam Jalan Tol Pandaan-Malang

Profil Proyek Struktur Proyek

60% 35% 5%

Proyek Jalan Tol Pandaan-Malang

Lokasi Jawa Timur

Nilai Proyek Rp 5,97 triliun

Jumlah
No Nama Pemegang Saham %
Rp 89,55 miliar (5% dari total setoran saham
Porsi SMI
modal)
1 PT Jasa Marga (Persero) Tbk 43.200 60 %

Deskripsi Proyek PT Pembangunan Perumahan

2 25.200 35 %
(Persero) Tbk
Ruas jalan tol Pandaan-Malang merupakan bagian dari
rencana koridor jalan utara-selatan di Provinsi Jawa Timur 3 PT SMI 3.600 5%
sebagai kelanjutan dari ruas jalan tol Gempol-Pandaan
Total 72.000 100,00%
yaitu sepanjang 37,62 km.

42
 Keunikan Produk Pembiayaan dan Investasi PT SMI
Contoh Penyertaan Modal dalam Waskita Toll Road

Profil Proyek Struktur Proyek

12,76% 14,61% 72,63%

Proyek Waskita Toll Road

Lokasi Seluruh Indonesia

Nilai Proyek Rp 261,8 triliun

No Nama Pemegang Saham Jumlah saham %

Rp 1,5 triliun (12,76% dari total setoran
Porsi SMI
modal) 1 PT Waskita Karya 6.567.246 72,63 %

2 PT Taspen 1.321.391 14,61 %

Deskripsi Proyek
PT SMI menjadi salah satu investor dalam transaksi 3 PT SMI 1.153.511 12,76 %
penyertaan modal kepada PT WTR dengan total nilai
transaksi sebesar Rp 1,5 triliun dengan kepemilikan saham
Total 9.042.142 100,00%
sebesar 12,46%

43
Infrastructure Investment in Indonesia
 FINANCING INFRASTRUCTURE PROJECTS

• Financing of infrastructure projects is one of the first constraints

that requires a solution to enable investment to occur.
• There are four sources of funds for infrastructure:
• Government equity,
• Government debt
• Foreign aid and private capital.
• Government equity is not able to fund the ever-increasing
expenditure of infrastructure development and maintenance 
escalating debt burden restricts government support.
• Foreign aid has limitations attached which restrict what it can be
used for, limiting government discretion on expenditure.
Public and Private Infrastructure Investment (% of GDP)
 PPP AS THE SOLUTION
• OECD (2012):
• Tax concession in exchange for job creation promises or complex
as a privatization of a service.
• UK treasury: the use of private sector finance to fund public sector
infrastructure which bring together private and public sectors in long
term partnerships providing mutual benefit and include:
• Introduction of private ownership of state businesses
• Long term contract purchases of quality services by the public
sector to benefit from private sector skills in managing risk
• Franchising of public service provision into wider markets to allow
private sector finance and expertise to leverage commercial
potential of public assets

• Common characteristics PPP:

• Require at least two parties, with at least one public and one
private entity involved
• Each partnership is a principal and can bargain on its own behalf –
which requires the development of capabilities in the public party
to manage this issue
• Must establish an enduring and stable relationship;
• Each party must transfer some material resource to the partnership
• There is shared responsibility and accountability for outcomes.
 Summary of Indonesian PPP Book 2009-2017

Source:et al (2017) and BAPPENAS – PPP Book 2017

Jakarta Mass Rapid Transit project
 PRESENCE OF EXTERNALITIES

• Externality benefits in respect of reduced congestion,

employment creation and environmental benefits.
• The estimated benefit from reduced congestion on Jakarta roads
is US$4.9 billion pa and the project is estimated to save over
90,000 tons of CO2 per year, or 0.7 percent of total CO2
emissions.
• The Jakarta MRT creates other intangible impacts, such as
reduced number of traffic accidents.
• As these benefits arise from the usage of the system, which is a
highly elastic demand in respect of the travel fare, capturing
these benefits is difficult.
Risk assessment of the Jakarta MRT project
INFRASTRUCTURE ASSET MANAGEMENT (IAM)