PUBLIC PRIVATE PARTNERSHIP : TOLL ROAD DEVELOPMENT IN INDONESIA
Indonesia Toll Road Authority
Ministry of Public Works and Housing
Indonesia Infrastructure Investment Forum Korea, 20 September 2017
Background • Indonesia’s GDP is ranked
16th worldwide • Largest regional economy
(33% of ASEAN) • Government’s infrastructure plan is a key component of
delivering future economic prosperity • Road infrastructure is lagging behind others
Economic Backdrop
Indonesia Infrastructure Figure
95
79
68
60
49
42
24
2
Philipinies
Vietnam
India
Indonesia
Thailand
China
Malaysia
Singapore
The Global Competitiveness Index 2016 -2017 Infrastructure Ranking
106
89
75
60
51
39
20
2
Philipinies
Vietnam
Indonesia
Thailand
India
China
Malaysia
Singapore
The Global Competitiveness Index 2016 - 2017 Quality of Roads Ranking
60
57
41
39
34
28
25
2
Vietnam
Philipinies
Indonesia
India
Thailand
China
Malaysia
Singapore
The Global Competitiveness Index 2016 - 2017 Ranking
8.00% 13.00% 15.00%
18.00% 20.90%
24.00%
0%
10%
20%
30%
Singapore Malaysia Thailand Cambodia Vietnam Indonesia
Transport Cost in Percentage of GDP
Sumber: NESDB, Vietnam business forum, Logistic Viewpoints and Indonesia Investment
65,065
8,428 2,623 2,350 1,016
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
China Japan South Korea Malaysia Indonesia
Toll Road Length Among Asian Countries (Km)
Source : BPJT and other’s link
Background
Indonesia Toll Road Authority, Ministry of Public Works and Housing
GDP per capita represented by size of bubble
• High costs of land transport due to poor connectivity, high travel times, chronic road congestion, poor road condition
• Economic and social prosperity is being inhibited by insufficient road capacity and poor condition
• Traffic demand is expected to more than double in 15 years, equating to around 5% per annum, so the traffic situation will become worse if no urgent action is taken
• The immediate challenge is to address the road investment backlog and thereby improve poor connectivity to keep Indonesia moving and to boost the economy
National Road Challenges
Indonesia Toll Road Authority, Ministry of Public Works and Housing
Java 2035: No New Projects
Traffic conditions on tollroads
Traffic conditions on other arterial roads
Red indicates roads near/over capacity
Source:
Background
National Road Challenges
Indonesia Toll Road Authority, Ministry of Public Works and Housing
Java 2035 : with Committed Expressways Constructed
Traffic conditions on tollroads
Traffic conditions on other arterial roads
Red indicates roads near/over capacity
Source:
Background
National Road Challenges
Indonesia Toll Road Authority, Ministry of Public Works and Housing
Java 2035 : with Committed and Planned Expressways Constructed
Traffic conditions on tollroads
Traffic conditions on other arterial roads
Red indicates roads near/over capacity
Source:
A Second Trans-Java Freeway is required
Background
National Road Challenges
Indonesia Toll Road Authority, Ministry of Public Works and Housing
Jakarta
Merak
Cilacap
Cirebon
Yogyakarta
Semarang
Banyuwangi
Surabaya
Bandung Malang
Cikampek Tegal
Surakarta
BawenGempol
Supernode (Urban)
Supernode (Gateway)
Junction
Superlink
JAVA Backbone Network Schematic
Jakarta Merak
Cilacap
Cirebon
Yogyakarta
Semarang
Banyuwangi
Surabaya
Bandung Malang
Cikampek Tegal
Surakarta Bawen
Gempol
Background
National Road Challenges
Indonesia Toll Road Authority, Ministry of Public Works and Housing
Jakarta
Merak
Cilacap
Cirebon
Yogyakarta
Semarang
Banyuwangi
Surabaya
Bandung Malang
Cikampek Tegal
Surakarta
BawenGempol
Supernode (Urban)
Supernode (Gateway)
Junction
Superlink
SUMATERA Backbone Network Schematic
Banda Aceh
Padang
Pekanbaru
Bengkulu
Jambi
Bandar Lampung Palembang
Dumai
Sibolga
Tebing Tinggi
Indralaya
Bakauheni
Background
National Road Challenges
Policy Framework
GOALS Improve Services and Set up Toll Road Industry to support 1.000 km Toll Road Program
Early and Faster Land Acquisition
Process
Faster Tender Process
Variety of Government
Support & Guarantee
PPP Scheme
New PPP Scheme
Simplified Procedure
Government Support
Land Acquisition
MAIN ACTIVITIES
DIRECTION
Indonesia Toll Road Authority, Ministry of Public Works and Housing
TRC without Government Support
TRC with Government Support
Conventional Procurement
•Needed to boost regional development; and •Government budget for Toll
Road is Limited (based on Government Budget Allocation)
Economically & Financially
Feasible
Yes
Economically Feasible,
financially marginal
Economically Feasible, Not Financially Feasible
Or
No Project Included in master plan ?
Yes
No
Treated as Unsolicited
Project
Build-Operate-Transfer (BOT)
Supported Toll Road (S-BOT)
State Own Enterprise (Due Diligent)
Performance Based Annuity Scheme (PBAS)
Construction Contract (e.g:
Turnkey &D&B)
Yes Yes
STRATEGIC DECISION
No No
Indonesia Toll Road Authority, Ministry of Public Works and Housing
Policy Framework
New PPP Scheme
DELIVERY OPTIONS : Scheme Selection
Indonesia Toll Road Authority, Ministry of Public Works and Housing
BOT SBOT SGM/SOE AP CONVENTIONAL
Economically Viable
Economically Viable
Without Support
Reconsider Project
Need Acceleration, Support Dev
AP Candidate
No
No
No
No
Yes
Yes Yes
No
Yes
Yes
Policy Framework
New PPP Scheme
IMPLEMENTATION OF THE AGREEMENT
(± 4 months)
(± 2 months)
Prepare PQ Document
Submit PQ Document
Prepare Bid Proposal
Submit Bid Proposal & Bid Bond
Receive Notice Award
PRIVATE SECTOR
Sign Contract
Performance Bond, Land Acquisition
Cost, Financial Close
Pre Bid Conference-bid Preparation
PQ And Bid Invitation
Prequalification Of Bidder
Submission And Opening Bid
Project Preparation
Evaluation Of Bid
Apointment Of Succesful Bidder
Consession Agreement
GOVERNMENT
Prepare Special Purpose Vehicle
Government Support
Guaranteed by IIGF Financing facility
from SMI
Simplified Procurement Process
Contractors and banks early involved
Policy Framework
Simplified Procedure
Termination Risk
Ramp Up Period Risk
Land Fund Risk
Tariff Adjustment
Risk
Political Risk
Land Acquisition
Risk
Risks that will be MPWH‘ responsibility that should be mitigated
Indonesia Toll Road Authority, Ministry of Public Works and Housing
Exposure Risk The highest risk is Termination Risk (equal to Project Value)
Government Support
Type of Guarantee
Toll Road Company
Indonesia Infrastructure
Guarantee Fund
MPWH (via ITRA)
Recourse Agreement
Guarantee Agreement
PPP Agreement
70% 30%
User
Bank (Debt) ( 70% )
Equity ( 30% )
Toll Tariff
Government & TRC’s responsible
Ministry of Finance MPWH Recourse Payment
(based on PMK 260/2010)
Budgeting Mechanism
Guarantee Agreement
1. Guarantee Agreement between IIGF and Toll Road Company to guarantee the financial obligation of
ITRA – MPWH related to the risk allocation;
2. If ITRA – MPWH cannot fulfill the obligation, IIGF will pay to the TRC based to the claim;
3. The Mechanism will be arranged in Guarantee Agreement.
Indonesia Toll Road Authority, Ministry of Public Works and Housing
Government Support
Guarantee Transaction Structure
5. Toll Tariff
6. Traffic Volume
7. Change of Law
8. Force Majeure
Indonesia Toll Road Authority, Ministry of Public Works and Housing
1. Land Acquisition
2. Engineering
3. Construction
4. O&M
TYPE OF RISK ALLOCATION
Government TRC
Law 13/1980 Law 38/2004
TYPE OF RISK ALLOCATION
Government TRC
Government Support
Risk Allocation
GEN 1 (2004 – 2012)
GEN 2 (2012 – 2015)
GEN 3 (2015 – Present)
BEFORE 2004
Risks mainly taken by PT Jasa Marga (State Own
Enterprise) and Private sector
Risks were delivered to
Toll Road Companies (SOE and Private
Entities)
• Risks are shared between Government and Private
• Three parties agreement (ITRA, TRC, Lender)
• Land acquisition is responsibilty of Government
• Land Revolving Fund and Land Capping Fund
• Project guaranteed by government through IIGF
• Land acquisition policy is based on Law 2/2012
• Certainty of land acquisition on time frame, cost, and institution
• Bridging Finance for land acquisition by TRC, repaid by government through LMAN
GEN 4 (Future)
• Optimization the guarentee structure
• Focus on regulation of Minimum Service Standards
Land Acquisition
Indonesia Toll Road Authority, Ministry of Public Works and Housing
Parties Involved
Time Frame
Substances Working Days
Preparation 242 - 268
Implementation 247 - 251
Handover 33
Total 519 - 549
Amount of Compensation
Determined by an Independet Appraiser who obtain a license from Finance Minister and National Land Agency
Certainty on Land Acquisition (Law 2/2012)
PROJECT INITIATOR Ministry of Public Works and
Housing
THE USER Toll Road Company
IMPLEMENTS AGENCY National Land Agency
LOCATION PERMIT Governor/ Head of Local
Regional
Bills and Payments of LMAN 2016
566.02
510.44 520.71
309.41
70.67
185.03 37.08 48.28
156.71
60.37
181.43
8.90 97.65
364.33
865.92
1,039.22 155.80
78.39 258.72
711.69
207.00
796.62 504.14
29.77
37.67 209.91
190.94
299.77
294.18
313.57 9.39
272.41
166.35 341.56
61.81
74.46
208.82
113.02
655.59
10.70
281.52
282.65
331.37
61.25
219.36 299.75
395.45
374.1
5.1
366.7 271.74
Pejagan PemalangPemalang BatangBatang Semarang
Semarang SoloSolo Ngawi
Ngawi KertosonoKertosono MojokertoMojokerto Surabaya
Gempol PasuruanPasir Koja Soreang
Pandaan MalangBalikpapan Samarida
Manado BitungCengkareng Batuceper…
Kunciran SerpongSerpong CinereCinere Jagorawi
Cimanggis CibitungCibitung Cilincing
Depok AntasariBekasi Cawang Kp. Melayu
Bogor Ring Road
Palembang IndralayaPekanbaru Kandis Dumai
Medan Kualanamu…Medan Binjai
Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 Phase 6
12,26T LMAN’S BILLS
7,60T PAID BY LMAN
(in Indonesia Rupiah)
261.03
149.53
143.29 33.98
18.11
36.26
111.01 71.06
41.15
181.21
9.39
91.46
91.92
476.96
276.53
93.98
70.82
184.27
502.86 51.47
683.61
281.29 11.41
26.97 162.57
152.13
145.17
139.01
46.69
311.3 5.28
6.19
211.16
166.35
218.78 61.82
74.46
200.45
78.56
453.92
2.23
72.91
165.66
234.2
61.25
197.9
433.42
99.6
Pejagan PemalangPemalang BatangBatang Semarang
Semarang SoloSolo Ngawi
Ngawi KertosonoKertosono MojokertoMojokerto Surabaya
Gempol PasuruanPasir Koja Soreang
Pandaan MalangBalikpapan Samarida
Manado BitungCengkareng Batuceper Kunciran
Kunciran SerpongSerpong CinereCinere Jagorawi
Cimanggis CibitungCibitung Cilincing
Depok AntasariBekasi Cawang Kp. Melayu
Bogor Ring RoadBakauheni Terbanggi Besar
Palembang IndralayaPekanbaru Kandis Dumai
Medan Kualanamu Tebing TinggiMedan Binjai
Phase 1 Phase 2 Phase 3 Phase 4
Land Acquisition Fund 2017
131.19 104.56
1,852.49 20.83 75.76 48.82
0.29 - 32.81 3.22
515.66 105.05
- 147.43
248.32 - - -
783.65 1,482.57
1,919.59 68.63
1,191.06 141.59
290.89 344.18
307.73 -
1,393.96 958.11
9.27 27.96
166.48 205.28
Pejagan Pemalang
Batang Semarang
Solo Ngawi
Kertosono Mojokerto
Gempol Pasuruan
Pandaan Malang
Krian Legundi Bunder
Manado Bitung
Cileunyi Sumedang Dawuan
Cengkareng Batuceper Kunciran
Serpong Cinere
Cimanggis Cibitung
Depok Antasari
Bogor Ring Road
Bakauheni Terbanggi Besar
Palembang Indralaya
Medan Kualanamu Tebing Tinggi
12,61T NTP 2017 PAID TO LAND
OWNER 10,62T 131.19
103.38 1,829.54
18.41 41.68 48.82
0.29 -
70.24 3.23
376.84 102.34
- 145.26
224.85 - - -
651.45 620.69
1,900.04 34.76
1,178.77 135.57
269.13 241.02 231.47
- 1,268.12
638.07 0.65 25.81
124.14 201.07
Pejagan Pemalang
Batang Semarang
Solo Ngawi
Kertosono Mojokerto
Gempol Pasuruan
Pandaan Malang
Krian Legundi Bunder
Manado Bitung
Cileunyi Sumedang Dawuan
Cengkareng Batuceper Kunciran
Serpong Cinere
Cimanggis Cibitung
Depok Antasari
Bogor Ring Road
Bakauheni Terbanggi Besar
Palembang Indralaya
Medan Kualanamu Tebing Tinggi
as of 28th August 2017
(in Indonesia Rupiah)
Toll Road Development Target (2015- 2019)
1.060 Km
Estimation of Total Investment (2015-2019)
IDR 167,4 T
Indonesia Toll Road Authority, Ministry of Public Works and Housing
North Sumatera
South Sumatera
Lampung
West Java
Jabodetabek
Central Java
East Java
East Kalimantan
North Sulawesi
Toll Road Plan 2015 - 2019
Indonesia Toll Road Authority, Ministry of Public Works and Housing
Toll Road Plan 2015 - 2019
Cumulative Length
2016
176 Km
568 Km
1183 Km
1852 Km
2017 2018 2019
392 Km
615 Km
669 Km
2015
132 Km
44 Km
Toll Road Operation Plan
Sept 17 235 km
Cumulative Length of Realization
24%
20% 29%
27%
Concession Agreement (PPJT)
41 Project (2.146 Km)
564 Km
Trans Java
10 Project
316 Km
Non Trans Java
8 Project
Jabodetabek
12 Project
Sumatera, Sulawesi & Kalimantan
969 Km 11 Project
296 Km
34%
3% 63%
65 Project (4.718 Km)
234 Km
Tender
2 Project
2.338 Km
Preparation
22 Project
2.146 Km
Concession Agreement
41 Project
National Strategic Project (PSN)
17%
80%
2%
41 Project (2.146 Km)
Operated
1 Project
386 Km
Land Acquisition
7 Project
14 Km
1.746 Km
Construction + Land + Partly Operated
33 Project
Investment Stage
Status: September 2017
Non PSN Already Operating (120,2 Km): • Cikampek – Palimanan : 116,7 Km • Kejapanan – Gempol : 3,5 Km
Trans Java Non Trans
Java Jabodetabek
Sulawesi & Kalimantan
Number
Preparation 4 Project 1 Project 17 Project 22 Project
231 Km 17 km 2090 km 2338 km
Tender 1 Project 1 Project 2 Project
170 Km 64 Km 234 Km
Concession Agreement
10 Project 8 Project 12 Project** 11 Project 41 Project
564 km 316 km 297 km 969 km 2.146 km
TOTAL PSN 11 Project 12 Project 14 Project 28 Project 65 Project
734 Km 548 Km 377 Km 3.059 Km 4.718 Km
Trans Java Non Trans
Java Jabodetabek
Sulawesi & Kalimantan
Number
Land Acquisition 0 Project 2 Project 4 Project 1 Project 7 Project
0 Km 102 km 141 km 143 km 386 km
Construction + Land + Partly
Operated
10 Project 5 Project 8 Project 10 Project 33 Project
564 km 200 km 156 km 826 km 1.746 km
Operated 1 Project 1 Project
14 km 14 km
Total 10 Project 8 Project 12 Project 11 Project 41 Project
564 km 316 km 297 km 969 km 2.146 km
National Strategic Project (PSN)
** 1 Project including 6 Project DKI Jakarta: 1. Semanan – Sunter (20 Km) 4. Kemayoran – Kampung Melayu (10 Km) 2. Sunter – Pulo Gebang (10 Km) 5. Ulujami – Tanah Abang (9 Km) 3. Dutri Pulo – Kampung Melayu (10 Km) 6. Pasar minggu – Casablanca (9 Km)
Financing Needs (Toll Roads On Progress)
VGF 38,8T
209,9T
105,4T
354T 41 PSN
29%
20% 31%
2%
6%
10% 2%
BANK SYNDICATION
BCA
BRI
47,7T
13,7T
1,1T
9,7T
14,6T
1,1T
2,7T
4,8T
12.3%
66.6%
33.4%
SOURCE OF FINANCING
105.4
79.9
16.1
0
20
40
60
80
100
120
Equity
Source Of Equity
Funding Gap
Government Injection
Shareholder Equity
9,4
38.8
3.6
19.3
8.4
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
VGF
Government Support (Partly Constructed by Government)
Funding GapSupport Other Toll RoadLoan ChinaAPBN - PUPR
7,6
SMI
MANDIRI
BNI
BANK MUAMALAT
BANK JATENG
DEBT
EQUITY
209.9
49.05
1.06
72.7
-
50.0
100.0
150.0
200.0
250.0
Debt
Source Of Debt
Funding Gap CPF
Syariah Conventional
87,1
49.05
5.15
43.9
0
10
20
30
40
50
60
Conventional
Source Of Conventional Funding
Perbankan Non PerbankanBank Non Bank China Loan National Budget
Support from Other Toll Road
Funding Gap
Project Medan – Binjai (17 km)
Project Pekanbaru –Dumai (131 km)
Project Bakauheni – Terbanggi Besar (140 km)
Project Palembang – Simpang Indralaya (22 km)
Length : 131,475 km Total IC : 5 IC Concession : 40 yr Tariff (Gol. I) : Rp 900/km (2020 yr) Initial Traffic Volume : 6.948 Vhc/day (2020 yr) Investment Cost : Rp. 16,210 Tn Construction Progress : 0,63 % (6 June ‘17)
Length : 22 km Total Section : 3 sections Concession : 40 yr Tariff (Gol. I) : Rp 750/km (2017 yr) Initial Traffic Volume : 20.931 Vhc/day (2017 yr) Investment Cost : Rp. 3,301 Tn Construction Progress : 54,81 % (6 June ‘17)
Length : 16,72 km Total Section : 3 sections Concession : 40 yr Tariff (Gol. I) : Rp 750/km (2017 yr) Initial Traffic Volume : 15.027 Vhc/day (2017 yr) Investment Cost : Rp. 1,604 Tn Construction Progress : 53,38% (6 June ‘17)
Length : 140,938 km Total IC : 9 IC Concession : 40 yr Tariff (Gol. I) : Rp 800/km (2018 yr) Initial Traffic Volume : 16.097 Vhc/day (2018 yr) Investment Cost : Rp. 16,795 Tn Construction Progress : 35,49 % (6 June ‘17)
Trans Sumatera Toll Road
on Progress
Project Terbanggi Besar – Pematang Panggang – Kayuagung (185 km)
Length : 185 km Speed Design : 100 km/jam Total Lane : 2 x 2 Lane (Initial stage) Total IC : 5 IC Concession : 40 yr Tariff (Gol. I) : Rp 900/km (2019 yr) Initial Traffic Volume : 6.419 Vhc/day (2019 yr) Investment Cost : Rp. 21,950 Tn Finishing Target : June 2018
Project Kuala Tanjung-Tb. Tinggi- Parapat (143 km)
Length : 143.25 km Total sections : 6 sections Concession : 40 yr Tariff (Gol. I) : Rp 1000/km (2020 yr) Initial Traffic Volume : 7,866 Vhc/day (2020 yr) Investment Cost : Rp. 13.45 Tn
Length : 255.8 km Total sections : 5 sections Concession : 40 yr Initial Traffic Volume : 12,331 Vhc/day (2020 yr) Investment Cost : Rp. 65.113 Tn
Project Pekanbaru-Padang (255 km)
Project Tol Panjang
(km)
8 Priority
Segments
(Operation
Target by
End of 2019)
Medan – Binjai 17
Palembang –
Indralaya 22
Bakauheni – T Besar 140
Pekanbaru – Dumai 131
Terbanggi Besar –
Pematang Panggang. 100
Pematang Panggang –
Kayu Agung 85
Palembang – Tanjung
Api Api 90
Kisaran – Tebing
Tinggi 60
Sub Total 645
Additional
Priority
Segment
Medan – Banda Aceh 470
Padang – Pekanbaru 240
Tebing Tinggi – Prapat 98
Sub Total 808
Betung - Jambi 191
TOTAL 1.644
Pe
rpre
s 1
00
/20
14
P
erp
res
11
7/2
01
5
MP
UP
R 2
01
6
Priority Segment to be Developed
Remarks : *) Bond and Debt Portion are guaranteed by Government of Indonesia
FINANCING FOR 8 PRIORITY SEGMENTS
Investment Cost (Excluded VGF) : Rp. 73,9 Trillion
Equity Portion : Rp. 44,2 Trillion
Source of funds:
Gov Injection 2015-2016 : Rp. 5,6 Trillion
Contractor Turn Key : Rp. 7,0 Trillion
Current Bond *) : Rp. 6,5 Trillion
Rev. Tj Priok Access : Rp. 4,0 Trilion
Sub-Total : Rp. 23,1 Trillion
Shortage : Rp. 21,1 Trillion
Debt Portion : Rp. 29,7 Trillion
Financial Institution *) : Rp. 29,7 Trillion
Description Length
(km)
Investment Cost Equity Available Equity DEBT Equity Source Support Necesity
KM Rp B
8 Priority
Segments
(Operation Target
by End of 2019)
Pe
rpre
s 1
00
/20
14
Medan – Binjai 17 17 2,742 1,014 1,014 1,728 Gov Injection 2015
Already Financed Palembang – Indralaya 22 22 3,301 2,311 2,311 990 Gov Injection 2016
Bakauheni – T Besar 140 140 16,795 8,728 8,728 8,067 Gov Injection
2015-2016 & Bonds
Pekanbaru – Dumai 131 131 16,210 11,347 4,000 4,863 Revenue Tj Priok
Access Direct Lending for Equity
Pe
rpre
s 1
17
/20
15 Terbanggi Besar – Pematang Panggang. 100
105 13,574 7,044 7,044 6,530 Contractor Turn Key
Soft Loan for refinancing
to
PT Waskita Karya Pematang Panggang – Kayu Agung 85
Palembang – Tanjung Api Api 90 90 14,289 11,431 2,858 (not available yet) Direct Lending for Equity
Kisaran – Tebing Tinggi 60 60 2,307 6,991 4,684 (not available yet) Direct Lending for Equity
Sub Total 645 565 73,902 44,182 23,097 29,720
Additional Priority
Segment
MP
UP
R 2
016
Medan – Banda Aceh 470 470 70,120 (not available yet) (not available yet)
Soft Loan for VGF portion
(50km)
Direct Lending for Equity
Padang – Pekanbaru 250 240 65,000 (not available yet) (not available yet) Soft Loan for VGF portion
Direct Lending for Equity
Tebing Tinggi – Prapat 98 93 7,974 (not available yet) (not available yet)
Soft Loan for VGF Portion
(Banda Aceh – Sigli,
70km)
Sub Total 808 758 143,094
Betung - Jambi 191 191 28,650 (not available yet) (not available yet) Direct Lending for Equity
TOTAL 1,654 1,514 245,646
Priority Segment to be Developed
Need Viability Gap Fund (VGF) for Kuala Tanjung-Tebing Tinggi-Parapat about 50 km, Cost Estimation IDR 7.5 T
Trans Sumatera Toll Road
No LINK (KM) FIRR %
1 Medan-Binjai 17 11.15
2 Palembang-Sp Indralaya 22 11.00
3 Bakauheni-Terbanggi Besar 140 11.80
4 Pekanbaru-Dumai 131 11.20
5 Palembang - Tanjung Api-api 90 3.80
6 Kisaran-Tebing Tinggi 60 11.70
7 Terbanggi Besar-Pematang Panggang 100 9.36
8 Pematang Panggang-Kayu Agung 85 9.36
9 Dumai-Sp. Sigambal-Rantau Prapat 175 7.11
10 Rantau Prapat-Kisaran 100 8.73
11 Bukit Tinggi-Padang 55 6.22
12 Batu Ampar-Bandara Hang Nadim 25 10.83
13 Jambi-Rengat 190 7.40
14 Rengat-Pekanbaru 175 7.30
15 Betung (Sp Sekayu)-Tempino-Jambi 191 7.34
16 Pekanbaru-Bukit Tinggi 185 6.61
17 Sp Indralaya-Muara Enim 88 9.21
18 Tebing Tinggi-Sibolga 200 9.61
19 Sigli-Banda Aceh 75 9.53
20 Lubuk Linggau-Curup-Bengkulu 95 9.14
21 Muara Enim-Lahat-Lubuk Linggau 125 8.98
22 Binjai-Langsa 110 9.50
23 Langsa-Lhokseumawe 135 8.51
24 Lhokseumawe-Sigli 135 8.09
TOTAL 2,704
Padang-Pekanbaru 250 km, some section possible to be financed by
JICA Loan especially on tunnel section (± 7 km) & access road
Review several financing for :
Aceh-Sigli (75 km)
Palembang-Tanjung Api-api (90 km)
Pekanbaru-Dumai (131 km)
Indrapura-Kisaran ( 48 Km)
Financing Scheme : 1. ODA and/or Subsidy Loan Agreement to HK (two step loan)
for VGF and complex structure (tunnel section) 2. Direct Lending to HK 3. Japanese investor create joint venture with HK
Indonesia Toll Road Authority, Ministry of Public Works and Housing
State Guarantee Model (Indonesia Case)
Model 1 Model 2 Model 3 Model 4 Model 5
Construction Contract
Assignment To PT WK
Joint Venture
Availability Payment
Turnkey/ Mod.
Turnkey
Medan-Binjai
Palembang- Indralaya
Pekanbaru-Dumai
Bakauheni- Terbanggi Besar
Terbanggi Besar- Kayuagung
Kualatanjung- Parapat
100% 100% 100% 100%
40%
Additional
Padang- Pekanbaru
Medan-Aceh
HK JM WTR
30% 30%
Trans Sumatera Toll Road Concession Scheme
PT HUTAMA KARYA
Characteristic of Future Toll Road Project
1. Preparation project document that are more bankable 2. Bigger Government Support 3. New project scheme to attract investor 4. Alternative source of financing (pension fund, securitization, etc.)
Necessity :
1. Land Acquisition as important factor
2. Marginal feasibility for next project, will be tendered in next 1-2 year (low traffic volume)
3. Cash deficiency on initial period of operation (mismatch financing)
4. Huge investment cost meanwhile domestic financing capacity is limited
• Domestic investor project :
a. Jasa Marga: 719 km
b. Waskita Karya: 236 km
c. CMNP: 90 km
d. Astra Group: 37 km
e. Hutama Karya : 618 km
f. Others (Wijaya Karya, BSD, Group Kompas-
Gramedia, Jakarta Propertindo) : 151 km
• Almost all of their capacity is used (ability to get
financing from bank is limited by legal lending limit)
Indonesia Toll Road Authority, Ministry of Public Works and Housing
Upcoming Project
Indonesia Toll Road Authority, Ministry of Public Works and Housing
BANDA ACEH
MEDAN
PEKANBARU
BANDAR LAMPUNG
JAMBIPADANG
PALEMBANG
PANGKAL PINANG
BENGKULU
BANDUNG
JAKARTA SEMARANG
YOGYAKARTA
SURABAYA
DENPASAR
MATARAM
UJUNGPANDANG
KENDARIBANJARMASIN
MAMUJU
PALU
SAMARINDA
PALANGKARAYA
PONTIANAK
AMBON
MENADO
SORONG MANOKWARI
WAMENA
JAYAPURA
MERAUKE
KENDARI
KUPANG
BALIKPAPAN
*) unsolicited project
Link Number 1 2 3 4 5 6 7 8
Link Name Semarang-Demak
Probolinggo-Banyuwangi
Serang-Panimbang (Segment Cileles-
Panimbang)
Jakarta Cikampek 2 Selatan*
Jembatan Suramadu
Cileunyi-Tasik-Cilacap*)
Cilacap-Jogja-Solo*)
Jogja-Bawen
Length (km) 25,25 172,91 33 64 5,40 183 237 71,56
Investment Cost (IDR Trillion) 7,71 21 5,2 17.77 NA 35,03 45,37 12,13
Land Cost (IDR Trillion) - - - 3.07 NA 0,59 0,77 -
Construction Cost (IDR Trillion) 5,17 14,67 3,5 7.76 NA 20,95 27,14 -
Scheme BOT BOT AP BOT OMT BOT BOT BOT
Status Tender
Preparation
Tender Process (Request for
Proposal, proposal
submission enf of Sept 17 )
Pre-qualification
Pre-qualification (Evaluation,
shortlist announcement end
of Aug 17)
Tender Preparation Unsolicited Project Unsolicited Project
Unsolicited project
1
2
3
5 6
4 8 7
Closing Statement
Indonesia Toll Road Authority, Ministry of Public Works and Housing
Lesson Learned
Collaborative toll road PPP Mutual effort to achieve target Creative and adaptable scheme :
- Land Acquisition fund - Contractor pre-financing - Cross subsidy - Utilization of existing assets including securitization, etc
Commitment using PPP Scheme
Solid Regulations framework to support implementation of Toll Road PPP
Bankable PPP structure to attract private sectors and financing institutions
Necessity to create toll road development plan
LET’S INVEST !
INVESTMENT DIVISION Indonesia Toll Road Authority
Ministry of Public Works and Housing
Bina Marga building, 3rd floor Pattimura 20 Kebayoran Baru-South Jakarta 12110
Ph (021) 7258063/ 7257067 Fax (021) 7257126/ 7254415
Indonesia Toll Road Authority Ministry of Public Works and Housing
THANK YOU
Description :
The development of road infrastructure is an absolute necessity for the development of transportation, improvement of the economy and regional development in East Kalimantan. In an effort to the fulfill of infrastructure the road, and through taking into account the limited time the government of East Kalimantan on one side and see any chance private investment on the other side, the government of East Kalimantan makes policies to draw private investors into the field of a motorway/toll by involving the private sector is expected to the acceleration of providing infrastructure for the increase in community welfare can be achieved.
Estimated Project Cost : Under Calculation
Implementation Schedule (ETA): 1. Preparation : 2017 - 2018 2. Larap, Land Acquisition & Tender for SPC : 2018 - 2019 3. Construction : 2018 - 2019 4. Operation : 2020
Financial Feasibility: IRR : Under Calculation NPV : Under Calculation
Business Opportunity: Transaction adviser/bidder/financier Project Status: Under Preparation
Indicative Government Support & Guarantee: Government Support and government guarantee will be determined in Final Business Case Study.
SAMARINDA – BONTANG ROAD LOCATION: East Kalimantan
Description : Jogja – Solo Toll Road will cross Sleman District in Yogyakarta and 3 districts in East Jawa; Surakarta District, Sukoharjo District and Klaten District. Sleman is well-developing district especially in trading. The other three district have own potential resources which will attract economic growth around East Java. This toll road is approximately 400 km in length.
Estimated Project Cost : Under Calculation
Implementation Schedule (ETA): 1. Preparation : N/A 2. Larap, Land Acquisition &
Tender for SPC : N/A 3. Construction : N/A 4. Operation : N/A
Financial Feasibility: FIRR : Under Calculation NPV : Under Calculation
Business Opportunity: Transaction adviser/bidder/financier Project Status: In the OBC facilitation phase by KPPIP
Indicative Government Support & Guarantee: Government Support and government guarantee will be determined in Final Business Case Study.
LOCATION MAP
YOGYAKARTA – SOLO TOLL ROAD LOCATION: Yogyakarta - Central Java
Description : This toll road is 71,56 km toll road will be divided into three section: 1. Section 1, Bawen to Secang (STA
0+000 to STA 22+200) including Bawen Junction and Secang Junction;
2. Section 2, Secang to Borobudur (STA 22+200 to STA 53+500) without junction;
3. Section 3, Yogyakarta to Borobudur (STA 53+500 to STA 71+393.852) including Borobudur Junction.
Estimated Project Cost : USD 270.0 million
Implementation Schedule (ETA): 1. Preparation : 2007 - 2018 2. Larap, Land Acquisition &
Tender for SPC : 2018 3. Construction : 2018 - 2019 4. Operation : 2020
Financial Feasibility: FIRR : 14% NPV : Under Calculation
Business Opportunity: Transaction adviser/bidder/financier Project Status: Preparation of OBC
Indicative Government Support & Guarantee: Government Support and government guarantee will be determined in Final Business Case Study.
LOCATION MAP
YOGYAKARTA – BAWEN TOLL ROAD LOCATION: Yogyakarta - Central Java
Terbanggi Besar – Pematang Panggang – Kayu Agung
36
Seksi-3 85,00 km STA. 100+000 – STA. 185+600
Seksi-2 55,00 km STA. 45+000 – STA. 100+000
Seksi-1 45,00 km STA. 0+000 – STA. 45+000
Penetapan Lokasi 74 km
Pematang Panggang – Kayu Agung
Terbanggi Besar – Pematang Panggang
Technical Data: Lenght : 185 km Speed Design : 100 km/jam Total Lane : 2 x 2 Lane (Initial stage) Total IC : 5 IC Consession : 40 yr Tarrif (Gol. I) : Rp 900/km (2019 yr) Initial Traffic Volume : 6.419 Vhc/day (2019 yr) Investment Cost : Rp. 21,950 Tn Finishing Target : June 2018
Kisaran – Tebing Tinggi
37
Technical Data: Lenght : 68,9 km Speed Design : 100 km/jam Total Lane : 2 x 2 Lane (Initial stage) Total IC : 4 IC Consession : 40 yr Tarrif (Gol. I) : - Initial Traffic Volume : - Investment Cost : Rp. 13,454 Tn (Estimate) Finishing Target : Des 2019
Palembang – Tj Api Api
38
Technical Data: Lenght : 70 km Speed Design : 100 km/jam Total Lane : 2 x 2 Lane (Initial stage) Total IC : 4 IC Consession : 40 yr Tarrif (Gol. I) : - Initial Traffic Volume : - Investment Cost : Rp. 14,289 Tn (Estimate) Finishing Target : Des 2019
End Point
Start Point
Medan – Banda Aceh
39
Technical Data: Lenght : 470 km Speed Design : 100 km/jam Total Lane : 2 x 2 Lane (Initial stage) Total IC : 23 IC Consession : 40 yr Tarrif (Gol. I) : - Initial Traffic Volume : - Investment Cost : Rp. 70,12 Tn (Estimate) Finishing Target : Des 2025
Padang – Pekanbaru
40
Technical Data: Lenght : 240 km Speed Design : 60 - 100 km/jam Total Lane : 2 x 2 Lane (Initial stage) Total IC : 9 IC Consession : 40 yr Tarrif (Gol. I) : - Initial Traffic Volume : - Investment Cost : Rp. 65 Tn (Estimate) Finishing Target : Des 2024
Kuala Tanjung – Tebing Tinggi – Parapat
41
Technical Data: Lenght : 98,50 km Speed Design : 100 km/jam Total Lane : 2 x 2 Lane (Initial stage) Total IC : 6 IC Consession : 40 yr Tarrif (Gol. I) : - Initial Traffic Volume : - Investment Cost : Rp. 8,2 Tn (Estimate) Finishing Target : Des 2022
Indonesia Toll Road Authority, Ministry of Public Works and Housing
Trans Java Toll Road
1 2 3
4
5 6
7 8
Total Length : 498,23 km Total Investment : IDR 47,09 T Total Land Cost : IDR 5,24 T Total Construction Cost : IDR 26,2 T
INFORMATION :
Link Number 1 2 3 4 5 6 7 8
Link Name Pejagan - Pemalang Pemalang - Batang Batang-Semarang Semarang - Solo Solo - Ngawi Ngawi - Kertosono Mojokerto-Jombang-
Kertosono Mojokerto - Surabaya
Toll Road Company PT Pejagan Pemalang Tol Road
PT Pemalang Batang Tol Road
PT Jasamarga Semarang Batang
PT Transmarga Jateng PT Solo Ngawi Jaya PT Ngawi Kertosono Jaya PT Marga Harjaya
Infrastruktur PT Marga Nujayasumo
Agung
Length (km)/ Total of section 57,50/4 39,20/2 75,00/5 72,64/5 90,10/4 87,02/4 40,50/4 36,27/5
Investment (IDR Trillion) 6,84 4,08 11,05 7,52 5,14 3,83 3,48 4,98
Land Cost (IDR Trillion) /Progress 1,276/99,87% 1,406/99,86% 0,584/93,94% 0,927/99,39% -/88,13% -/99,36% 0,485/100% 0,557/100%
Construction Cost (IDR Trillion) 3,39 2,27 7,66 3,11**) 3,20 2,36 2,38 1,83
Target Operates 2017 2018 2018 2018 2017 2018 2017 2017
Construction Progress 77,73%
(Section I &III) 51,71% 34,57%
71,05% (Semarang-Bawen Section)
Total Gov TRC Total Gov TRC 94,19% (Bandar-
Jombang Section) 90,01%
(Section IA & IV) 74,88% 98,21% 71,05% 43,14% 9,70 69,83%
Progress of Toll Road Projects
TOLL ROAD
MERAK
- TANGERANG
TELUK NAGA - SEDYATMO
TOLL ROAD
KUNCIRAN - SERPONG
TOLL ROAD
SERPONG
- CINERE
ANTASARI - DEPOK
CINERE - JAGORAWI
CIMANGGIS
- CIBITUNG
JAKARTA
- CIKAMPEK
CIBITUNG - CILINCING
TJ. PRIOK ACCESS
RING ROAD
BOGOR
PASAR MINGGU
RAWA BUAYA
TANAH ABANG
ULUJAMI
TMII
KP. MELAYU
PULO GEBANG
1
TOLL ROAD
TOLL ROAD TOLL ROAD
TOLL ROAD
2
3
4 5
6
7
Indonesia Toll Road Authority, Ministry of Public Works and Housing
Jabodetabek Toll Road
Number Link Length (Km) Investment (IDR Billion)
1 Semanan - Sunter 20,23 11.060
2 Sunter – Pulo Gebang 9,44 4.918
3 DuriPulo – Kampung Melayu 12,65 8.167
4 Kemayoran – Kampung Melayu 9,60 4.934
5 Ulujami – Tanah Abang 8,70 6.114
6 Pasar Minggu – Casablanca 9,16 5.981
TOTAL 69,77 41.174
6 LINKS OF DKI JAKARTA TOLL ROAD
INFORMATION :
Total Length : 263 Km Total Investment : IDR 82,13 T Total Land Cost : IDR 14,69 T Total Construction Cost : IDR 39,42 T
8
Link Number 1 2 3 4 5 6 7 8 9 10 11
Link Name Cengkareng –
Batu – Ceper – Kunciran
Kunciran – Serpong
Serpong – Cinere Cinere – Jagorawi Cimanggis –
Cibitung Cibitung – Cilincing
Depok – Antasari
Bekasi – Cawang – Kp. Melayu Bogor Ring Road 6 ProjectTol
DKI Jakarta Serpong-Balaraja
Toll Road Company PT Marga Kunciran
Cengkareng
PT Marga Trans
Nusantara
PT Serpong Cinere Jaya
PT Translingkar Kita Jaya
PT Cimanggis Cibitung Tollways
PT MTD CTP Expressway
PT Citra Waspphutowa
PT Kresna Kusuma Dyandra
Marga
PT Marga Sarana Jabar
PT Jakarta Toll Road
Development
PT Trnas Bumi Serbaraja
Length (km)/Total of Section 14,19/4 11,19/2 10,14/2 14,64/3 25,39/4 34,02/4 21,54/5 21,04/2 11,00/3 69,77/6 30/3
Investment (IDR Trillion) 5.009 3.486 2.219 3.211 4.524 4.22 2.999 7.200 2.049 41.174 6,04
Land Cost (IDR Trillion) /Progres
1,219/ 25,26%
0,989/60,16% 0,712/ 80,72%
0,930/ 66,21%
1,314/ 21,65%
0,288/ 29,17%
0,769/ 41,96%
0,449**/ 68,87%
0,983/ 99,55%
5,28/ 0%
1,75/81% (Seksi I)
Construction Cost (IDR Trillion) 1,96 1,27 0,88 1,11 1,61 2,50 1,46 4,78 0,53 20,62 2,70
Target Operates 2019 2019 2019 2018 2019 2019 2019 2019 2019 2021 2019
Construction Progress 1,48% Land
Acquisition Land
Acquisition 50,39%
(Section I & III ) 4,48%
Land Acquisition
17,17% 46,15% 78,46%
(Section I & IIA) Land
Acquisition 13,29%
9
10
1
2 3 4
5
6
Progress of Toll Road Projects
11
BANDA
ACEH
MEDAN
PEKANBARU
PADANG
JAMBI
PALEMBANG
BENGKULU
LAMPUNG
LHOKSEUMAWE
LANGSA
TEBINGTINGGI
P. SIANTAR KISARAN
BALIGE
SIBOLGA
RT. PRAPAT
BANGKINANG
BK. TINGGI
PANGKALAN
KERINCI
RENGAT
BETUNG
PRABUMULIH
MUARAENIM
LAHA
LB. LINGGAU
CURUP KAYUAGUNG
BAKAUHUNI
SIGLI
1
2
3 4
5
6
7 8 9
Indonesia Toll Road Authority, Ministry of Public Works and Housing
Trans Sumatera Toll Road Link Number 1 2 3 4
Link Name Bakauheuni –
Terbanggi Besar *)
Terbanggi Besar –
Pematang Panggang-Kayuagung
Kayu Agung – Palembang –
Betung Palembang – Indralaya *)
Toll Road Company
PT. Hutama Karya
PT. HutamaKarya
PT Sriwijaya Markmore
Persada PT. Hutama Karya
Length (km) / Total of Section
155/ 3 185 112 / 3 24,5 / 3
Investment (IDR Trillion)
16,80 13,57 14.44 3,30
Land Cost (IDR Billion) /Progres
1.196/ 78,31%
- 450/
65,71% 205/
93,61%
Construction Cost (IDR Trillion)
12.22 16,65 9.84 2.63
Target Operates 2018 2018 2018 2017
Construction Progress
40,87% - 10,93% 62,78%
Link Number 5 6 7 8 9
Link Name Palembang-Tanjung Api
Api*)
Pekanbaru – Kandis – Dumai
*)
Kisaran – Tebing
Tinggi*)
Medan – Kualanamu – Tebing Tinggi
Medan – Binjai *)
Toll Road Company
PT. Hutama Karya
PT. Hutama Karya
PT. Hutama Karya
PT. Jasamarga Kualanamu Toll
PT. Hutama Karya
Length (km) / Total of Section
70 135 /- 60 62 / 5 17/ 3
Investment (IDR Trillion)
14,29 16,21 2,31 4,072 2,74
Land Cost (IDR Billion) /Progres
974/ 50,51%
442 441/
92,46% 495/
85,37%
Construction Cost (IDR Billion)
9,532 - 1,759 1,294
Target Operates 2019 2019 2019 2017 2018
Construction Progress
0,76% - 69,44%
68,29%
INFORMATION :
*) Assignment for PT Hutama Karya **) Unsolicited
Total Length : 820 Km Total Investment : IDR 87,73 T
Progress of Toll Road Projects
Indonesia Toll Road Authority, Ministry of Public Works and Housing
Non Trans Java Toll Road
Link Number 1 2 3 4 5 6 7 8
Link Name Ciawi - Sukabumi Gempol – Pasuruan
Pasuruan – Probolinggo
Waru (Aloha) – Wonokromo –
Tj. Perak Pasirkoja-Soreang Pandaan-Malang Balikpapan-
Samarinda Manado-Bitung
Toll Road Company PT Trans Jabar Tol
PT Trans Marga Jatim Pasuruan
PT Transjawa Paspro Jalan Tol
PT Margaraya Jawa Tol
PT Citra Marga Lintas Jabar
PT Jasamarga Pandaan-Malang
PT Jasamarga Balikpapan Samarinda
PT Jasamarga Manado-Bitung
Length (km)/ Total of Section 54,00/4 34,15/3 31,30/3 18,20/4 10,57/3 37,62/5 99,35/5 39,90/2
Investment (IDR Trillion) 7,775 4.031 3,551 11,111 1,510 5,97 9,97 5,12
Land Cost (IDR Trillion) /Progres
0,824/ 27,88%
0,256/ 76,91%
0,216/ 92,43%
1,425/ 0%
-/ 99,76%
1,35/68,46% 1,91/79,69% 1,20/48,35%
Construction Cost (IDR Trillion) 4,17 1,68 1,56 3,97 1,145 3,81 6,54 3,27
Target Operates 2019 2018 2018 > 2019 2016 2019 2019 2019
Construction Progress 11,00% 45,54% 12,53% Land Acquisition 87,09% 7,47% 24,91% 7,00%
1
2 3
4
5
Total Length : 325,09 Km Total Investment : IDR 49,04 T Total Construction Cost : IDR 26,145 T
INFORMATION :
6
Progress of Toll Road Projects