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Project Tracking

Here, we track where the money goes, which state-owned assets are being mobilized, and what projects are being prioritized—often without public debate, transparent contracts, or public oversight.

Strategic Projects

Strategic ProjectsLocationRp TriliunWorkforceLatest UpdateLink
DME Industry (Coal)Bulungan, Kutai Timur, Kota Baru, Muara Enim, Pali, Banyuasin16434.800Coal processing facility into DME in Tanjung Enim (South Sumatra) part of Phase 2 groundbreaking on April 2026 
Oil RefineryLhokseumawe, Sibolga, Natuna, Cilegon, Sukabumi, Semarang, Surabaya, Sampang, Pontianak, Badung (Bali), Bima, Ende, Makassar, Donggala, Bitung, Ambon, Halmahera Utara, Fakfak16044.000  
Oil Storage TanksLhokseumawe, Sibolga, Natuna, Cilegon, Sukabumi, Semarang, Surabaya, Sampang, Pontianak, Badung (Bali), Bima, Ende, Makassar, Donggala, Bitung, Ambon, Halmahera Utara, Fakfak726.960  
Alumunium Smelter Industry (Bauxite)Mempawah, Kalimantan Barat6014.700Phase 1 groundbreaking on Feb 2026 
Stainless Steel Slab Industry (Nickel)Kawasan Industri Morowali, Sulawesi Tengah38,412.000  
Integrated Solar Module (Bauxite & Silica)Kl Batang Jawa Tengah2419.500  
Copper Rod, Wire & Tube (Copper Cathode)Gresik, Jawa Timur19,29.700  
Iron and Steel Industry (Iron Sand)Kabupaten Sarmi, Papua1918.000  
Chemical Grade Alumina Industry (Bauxite)Kendawangan, Kalimantan Barat17,37.100  
Chlor Alkali Plant Industry (Salt)Aceh, Kalimantan Timur, Jawa Timur, Sumsel, Riau, Banten, NTT1633.0004 chlor alkali plants in Gresik (2 location), Sampang (East Java), Balikpapan (East Kalimantan) broke ground on Feb 2026 
Bio-jet Fuel Industry (Used Cooking Oil)KBN Marunda, Kl Cikarang, Kl Karawang1610.152Phase 1 bioavtur production facility in Cilacap (Central Java) broke ground on Feb 2026 
Manganese Sulfate Industry (Manganese)Kupang, NTT3,15.224  
Oleood Industry (Palm Oil)KEK Maloy Batuta Trans Kalimantan Timur (MBTK) 334.800  
Industry for Nata de Coco (Coconut)Ki Tenayan, Riau2,322.100  
Oleoresin Industry (Nutmeg)Kabupaten Fakfak, Papua Barat1,81.850  
Asphalt Industry (Buton Asphalt)Buton, Sulawesi Tenggara1,53.450Part of Phase 2 National Downstreaming Projects groundbreaking on April 29, 2026 
Tilapia Fillet Industry (Tilapia Fish)Banten, West Java, Central Java, East Java127.600  
Carrageenan Industry (Seaweed)Kupang, NTT0,21.700  
Co-Generation Geothermal Project (45 MW)Ulubelu (Lampung), Lahendong (North Sulawesi)2,7 (early investment)2.750  
Chlor Alkali – Ethylene Dichloride Factory by PT Chandra Asri Pacific TbkCilegon (Banten)133.250  
Indonesian Hajj village investment in Saudi ArabiaMakkah (Arab Saudi)unknownunknown  
Takeover of Jakarta-Bandung High-Speed Rail debtJakarta, Bandung (West Java)81,2 (estimated)15.487  
Loan to PT Garuda Indonesia (Persero) TbkJakarta6,654.502 idx.co.id
Purchasing unsold sugar in PG Assembagoes through PT Sinergi Gula Nusantara *unconfirmedEast Java1,5unknown  
Revitalising 20.413,25 hectares of fishpondsNorth Coast of Java26unknown  
Acquisition of nickel smelter GNI *still under reviewCentral Sulawesi325 (estimated)12.000  
Investments in combined-cycle gas turbines, green hydrogen, and water desalination projects in partnership with ACWA Powerunknown164,8unknown  
High-pressure acid leach plant (HPAL) with PT Vale Indonesia and China’s GEMSulawesi23 (US$1,42 billion)   
Acquisition of high pressure acid leach plant with French miner Eramet SA; the plant is owned by Chinese firm Zhejiang Huayou Cobalt Co. *unconfirmedNorth Malukuunknownunknown Bloomberg
Waste-to-energy projects10 cities in the first phase, including Tangerang, Jakarta, Bandung, Yogyakarta, Semarang, Surabaya, Bali, Makassar; 33 in total91unknown Detik Finance
The Kayan Cascade Hydroelectric Power PlantNorth Kalimantan256,3 (US$17,8 billion)25.000To be included in PLN’s IPP tender (as of September 2025)TEMPO
Refinery Development Master Plan (RDMP) Refinery Unit (RU) VI BalonganWest Java  Phase 1 done in 2022 
Grass Root Refinery (GRR) TubanEast Java37720.000Final Investment Decision was put on hold (as of December 2025)Kontan.id
Development of caustic soda facilities to support downstreaming 13.4 To start in 2026 
Data center development with global operator 21 To start in 2026 
Agriculture investmentunknown84 Named the Johor Project, to start in 2026The Jakarta Globe
Integrated farmMalang (East Java), Lampung, Gorontalo, Makassar (South Sulawesi), East KalimantanunknownunknownPhase 1 groundbreaking on Feb 2026 
Bioethanol plantBanyuwangi (East Java)unknownunknownPhase 1 groundbreaking on Feb 2026Kompas
Refinery Unit (RU) II Dumai and RU IV Cilacap expansionDumai (Riau), Cilacap (Central Java)unknown (part of Rp110 trillion Phase 2 National Downstreaming Projects)unknownPart of Phase 2 National Downstreaming Projects groundbreaking on April 29, 2026 
Fuel Storage TanksPalaran (East Kalimantan), Biak (Papua), Maumere (East Nusa Tenggara)unknownunknownPart of Phase 2 National Downstreaming Projects groundbreaking on April 29, 2026 
Stainless Steel Slab Industry (Nickel) explansionIndonesia Morowali Industrial Park (Central Sulawesi)unknownunknownPart of Phase 2 National Downstreaming Projects groundbreaking on April 29, 2026 
Carbon Steel Slab Production Facilities Development from Local Iron OreCilegon (Banten)unknownunknownPart of Phase 2 National Downstreaming Projects groundbreaking on April 29, 2026 
Copper and Gold Downstream ProcessingGresik (East Java)unknownunknownPart of Phase 2 National Downstreaming Projects groundbreaking on April 29, 2026 
Oleofood and Biodoesel Facility DevelopmentSei Mangke (North Sumatra)unknownunknownPart of Phase 2 National Downstreaming Projects groundbreaking on April 29, 2026 
Oleoresin Industry (Nutmeg)Central Maluku (Maluku)unknownunknownPart of Phase 2 National Downstreaming Projects groundbreaking on April 29, 2026 
Integrated Coconut FacilityCentral Maluku (Maluku)unknownunknownPart of Phase 2 National Downstreaming Projects groundbreaking on April 29, 2026 

Investment Sources

ProjectPartnerInvestmentNotes
Amount (In Billion USD)Amount (In IDR Trillion)TypeInterestTerm
Downstream industry, renewable energy, healthcare, and priority sectors in Indonesia’s economic transformation agendaQatar Investment Authority (QIA)2 Joint Investment Fund  US$ 2 billion from QIA and US$ 2 billion from Danantara, total US$ 4 billion
 Future Fund of Australiaunknownunknown   Australia expresses support for Danantara Indonesia’s membership in the International Forum of Sovereign Wealth Funds (IFSWF)
Healthcare, consumer, infrastructure, natural resources, data centers and technology sectorsChina Investment Corporation (CIC)unknownunknownMoU Signed   
Decarbonization, circular economy, including renewable energy, electricity transmission, water and waste management, and sustainable digital infrastructure such as green data centers and healthcareJapan Bank for International Cooperation (JBIC)1unknownMoU Signed  Press release (July 10, 2025)
Renewable energy generation, combined cycle gas turbines, green hydrogen and water desalination.ACWA Power10 MoU Signed  Partnership announcement
Chlor-Alkali dan Ethylene Dichloride plant developmentChandra Asri Group0.8 Investment Agreement Signed in March 2026  

Danantara and INA signed a $200 million investment

—————-

The project is currently at the first phase with a capacity of 400,000 tons of solid caustic soda per year and 500,000 tons of Ethylene Dichloride

Advanced manufacturing and food securityRussia Direct Investment Fund (RDIF)2.3 Joint Investment Platform   
High-pressure acid leach plant (HPAL)PT Vale Indonesia, China’s GEM1.42 Heads of Agreement Signed  Bloomberg coverage
Investment opportunities in infrastructure, urban development, transport, energy transition, digital, and technology-driven sectors.Jordan Investment Fund (JIF)unknownunknownMoU Signed  Structured collaboration on strategic investment opportunities across the Hashemite Kingdom of Jordan.

Loan and Cash Financing Sources

Funding SourceNominalDescriptionLatest UpdateSource
USD (Billion)IDR (Trillion)
Foreign funding10163Syndicated loans from international banks in Qatar, Russia, China, and AustraliaUS$3 billion reportedly to be disbursed to fund, among others, PT Chandra Asri Pacific Tbk’s Chlor Alkali – Ethylene Dichloride plant worth Rp13 trillionReuters
Intital government investment20326State savings and optimization of the national budget (APBN) Tempo
SOE Dividen 200AnnuallyRp50 trillion originated from state-owned banks (Himbara)CNN Indonesia
Patriot Bond 50Danantara issued two tranches, Serie A (Rp25 trillion, 2% p.a., 5 year) and Serie B (Rp25 trillion, 2% p.a., 7 year), to be used for waste-to-energy projectsDanantara has planned to issue Patriot Bond II and global bonds in 2026bisnis.com

 

Project List

No.Project NamePlanned OutputTargeted Partner
1Airline business restructuringImproved performance of Garuda Indonesia and CitilinkGaruda Indonesia, Citilink
2Steel manufacturing business restructuringImproved performance of Krakatau SteelKrakatau Steel
3High-speed train business restructuringImproved Jakarta-Bandung High Speed Railway performanceJakarta-Bandung High Speed Railway
4Insurance business restructuringImproved insurance business performanceInsurances, including Askrindo, Jamkrindo, Asabri, and others
5Construction state-owned enterprises business consolidationIntegrasi BUMN Karya. Yang tidak sehat akan disehatkan oleh Danantara dengan merge, kajian sedang disiapkanWijaya Karya, PP, Hutama Karya, Waskita Karya, Adhi Karya, Brantas Abipraya, Nindya Karya
6Fertilizer business consolidationSubsidies are more targeted at helping farmersPupuk Indonesia
7Hospital business consolidationMerged hospitals, developing healthcare facilities and research centersThe Sanur, IHC
8Hotel business consolidationMerged hotels under various state-owned business 
9Sugar business consolidation PTPN
10Downstream oil business consolidationImproved Pertamina’s downstream business, reduced subholdingsPertamina
11Insurance business consolidationMerged 16 state-owned insurance companies into three entities 
12Asset management business consolidation  
13Industrial estate business consolidation  
14Merah Putih Cooperative business developmentPT Danantara Asset Management supports government policies in Merah Putih CooperativeMerah Putih Cooperative
15Food business development ID FOOD, Agrinas
16Electric vehicle battery business development Integrated EV ecosystem by Antam, IBC, CATL, Brunp, and Lygend
17Pharmaceutical business developmentStrategic investments, strengthening pharmaceutical raw materials industryBiofarma, Kimia Farma
18Cement business development Semen Indonesia
19Sharia banking business development  
20Telecommunications business development Telkom Indonesia
21Shipyard business development PT PAL Indonesia and others
22Designing the governance of PT Danantara Asset Management  

Project Implementation

Project Time Location Partner Type Cost (in million USD equivalent) Notes Information Link
15,000 housing project for Sumatra Disaster Relief January 2026 Aceh, North Sumatra, and West Sumatra Hutama Karya, Waskita Karya, PP, Nindya Karya, Adhi Karya CSR 60 1 USD = 16,704.11 IDR Kompas TV
Hajj Village December 2025 Makkah Thakher Development Company Investment 500 A total of $2 billion will be needed Jakarta Globe
Citicore Renewable Energy Corporation (CREC) June 2025 Philippines Pertamina NRE Investment 120 Acquiring a 20% stake at Citicore Renewable Energy Corporation (CREC) IDN Financials
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