Indonesia’s sovereign wealth fund Danantara has teamed up with Chinese partners to establish a holding entity to manage its waste-to-energy projects, while Green SM, Indonesia’s electric taxi operator and a subsidiary of Vietnam’s Vingroup, has secured a 600 billion rupiah ($35 million) loan from Bank Central Asia (BCA).
Danantara to set up holding entity for waste-to-energy projects
Indonesia’s sovereign wealth fund Danantara has teamed up with Chinese partners to establish a holding entity to manage its waste-to-energy projects, following the rollout of its nationwide waste management programme.
The holding company, named Daya Energi Bersih Nusantara (Denera), will act as the project vehicle responsible for owning equity stakes and overseeing the operations and management of the waste-to-energy (WtE) assets under Danantara Investment Management.
Denera, which was set up on April 1, 2026, is designed to serve as an integrated platform for waste management, covering not only power generation from waste but also upstream and downstream processes such as collection, recycling, and broader waste handling.
The formation of the entity comes as Danantara advances partnerships with Chinese operators, Wangneng Environment Co., Ltd., and Zhejiang Weiming Environment Protection Co., Ltd., that have secured roles in key WtE projects, including facilities in Bekasi and Denpasar.
These collaborations are part of a broader push to deploy waste-to-energy infrastructure across multiple cities, reduce reliance on landfills, and generate cleaner energy.
Under the structure, foreign partners are required to form consortia with local stakeholders, a move aimed at ensuring technology transfer and strengthening domestic participation in the sector.
The initiative underscores Danantara’s ambition to build an integrated waste management ecosystem, with WtE projects positioned as a central pillar in tackling Indonesia’s urban waste challenges while supporting sustainable energy generation.
Vingroup-backed Green SM secures loan from BCA
Green SM, Indonesia’s electric taxi operator and a subsidiary of Vietnam’s Vingroup, has secured a 600 billion rupiah ($35 million) loan from Bank Central Asia (BCA), as it looks to strengthen its operational capacity and support expansion across multiple cities.
The five-year facility, signed on April 3, will be used to support Green SM’s operational readiness and ensure service consistency as it scales its footprint, the company said in a statement.
The agreement builds on an existing partnership between the two parties since Green SM’s launch in Jakarta in December 2024, with both sides previously collaborating on initiatives to improve access to services and promote eco-friendly transport.
“This agreement reflects our approach in supporting businesses with a long-term vision. Sustainable transportation is becoming increasingly important for urban development in Indonesia,” said Denny Haryanto, SVP Corporate Banking at BCA.
Green SM said the financing reinforces its balance sheet as it continues to expand its electric taxi services across cities, including Jakarta, Makassar, Bekasi, Surabaya, and Bali.
“This investment loan agreement reflects the trust built through consistent collaboration and shared values,” said Deny Tjia, managing director of Green SM Indonesia. “The facility strengthens our financial foundation to support stable and consistent services across the cities where we operate.”
