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PT SAPTA BORNEO UTAMA
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SBU-PROJ-002 Confidential Final / Published

EPC Contract Final v1.0

Executive Summary

Prepared for lenders, institutional investors, export credit agencies and strategic financing partners.

Contract Information

Contract TypeLump Sum Turnkey (LSTK)
Project LocationMajalengka, West Java, Indonesia
EmployerPT Sapta Borneo Utama
ContractorTo Be Determined (TBD)
Contract ValueUSD 442,500,000
Contract Period24–30 Months

Parties

Employer

PT SAPTA BORNEO UTAMA

Jl. Sultan Alauddin RT.01 No.11
Kelurahan Mekarsari
Balikpapan 76122
East Kalimantan, Indonesia

Represented by:
SAPTA RISWANDY
President Director

Contractor

TO BE DETERMINED (TBD)

The EPC Contractor shall be selected through technical due diligence, commercial negotiation, lender review, and formal appointment.

Representative:
Authorized Representative
To Be Determined

Project Description

The Project consists of the development, engineering, procurement, construction, testing, commissioning and handover of an integrated sugar industry complex.
  • Sugar Factory — 10,000 TCD
  • Ethanol Plant — 60 KLPD
  • Biomass Power Plant — 30 MW
  • Plantation Infrastructure
  • Utilities and Offsite Facilities
  • Storage Facilities and Warehouses
  • Administration Buildings
  • Roads and Drainage Systems

Contract Price

EPC Contract PriceUSD 442,500,000
CurrencyUnited States Dollar
Pricing BasisLump Sum Turnkey
TaxesAs Applicable
AdjustmentsSubject to Contract Terms

Scope of Work

Engineering

  • Basic Engineering
  • Detailed Engineering
  • Process Design
  • Civil Design
  • Mechanical Design
  • Electrical Design
  • Instrumentation Design

    • Procurement

  • Sugar Process Equipment
  • Ethanol Process Equipment
  • Boilers
  • Turbine Generators
  • Utility Systems
  • Electrical Systems
  • Spare Parts

    • Construction

  • Civil Works
  • Structural Works
  • Mechanical Installation
  • Electrical Installation
  • Utility Installation
  • Buildings and Facilities

    • Commissioning

  • Pre-Commissioning
  • Commissioning
  • Start-Up
  • Reliability Testing
  • Performance Testing
  • Final Acceptance Testing

    • Performance Guarantees

    ParameterGuaranteed Value Sugar Factory Capacity10,000 TCD Ethanol Capacity60 KLPD Biomass Power Plant30 MW Product QualityAs Specified Plant AvailabilityAs Specified

    Performance Security

    Performance BondUSD 200,000,000 Instrument TypeOn-Demand Bank Guarantee ValidityUntil Final Acceptance

    Payment Terms

    MilestonePercentage Advance Payment10% Engineering Completion10% Procurement Progress25% Equipment Delivery20% Construction Progress20% Mechanical Completion10% Final Acceptance5%

    Liquidated Damages

    Delay Damages: 0.10% of Contract Price per day.

    Maximum delay damages shall be limited to 10% of the Contract Price.

    Performance Damages: Applicable where guaranteed performance levels are not achieved.

    Warranties

  • Engineering quality
  • Equipment quality
  • Workmanship quality
  • Compliance with specifications
  • Guaranteed performance

    • Warranty Period: 24 months following Final Acceptance.

    Insurance

  • Construction All Risk (CAR)
  • Erection All Risk (EAR)
  • Marine Cargo Insurance
  • Third Party Liability
  • Workmen Compensation
  • Professional Liability Insurance

    • Governing Law & Dispute Resolution

    This Agreement shall be governed by the laws of the Republic of Indonesia.

    1. Good faith negotiation
    2. Mediation
    3. Arbitration

    Venue: SIAC Singapore or BANI Indonesia, as agreed by the Parties.

    Document Status

    This EPC Contract Final v1.0 is a lender-data-room and project-finance reference version pending formal appointment of the EPC Contractor and execution of the definitive EPC Agreement.

    Signature Page

    Employer

    SAPTA RISWANDY
    President Director
    PT SAPTA BORNEO UTAMA

    EPC Contractor

    ___________________________
    Authorized Representative
    To Be Determined

    Witnessed By

    DAVID LOKATILI
    Commissioner
    PT SAPTA BORNEO UTAMA
    Document Information
    Version: Final / Published | Classification: Confidential | Prepared by PT Sapta Borneo Utama | June 2026
    Document Owner PT Sapta Borneo Utama
    Project USD 1 Billion Integrated Sugar Factory Project
    Location Majalengka, West Java, Indonesia
    Document Classification Confidential
    Version 1.0
    Prepared For Lenders, ECAs, Institutional Investors and Strategic Partners
    Date 08 June 2026

    Project Finance Snapshot

    USD 1.0B
    Project Cost
    20 Years
    Debt Tenor
    3.00%
    Interest Rate
    1.30x
    DSCR
    USD 109.1M
    EBITDA
    USD 91.7M
    CFADS

    Lender Bankability Assessment

    • ✓ Limited Recourse Project Finance Structure
    • ✓ Fixed Interest Rate (3.00% p.a.)
    • ✓ Minimum DSCR 1.30x Covenant
    • ✓ 6-Month Debt Service Reserve Account (DSRA)
    • ✓ LSTK EPC Contract with Performance Security
    • ✓ Project Asset Security Package
    • ✓ Independent Technical Review Capability
    • ✓ Integrated Sugar, Ethanol and Biomass Revenue Streams

    Key Risk Assessment

    Risk Category Description Mitigation Rating
    Construction Risk Delay during EPC implementation LSTK EPC Contract, Performance Security, Independent Engineer Medium
    Feedstock Risk Sugar cane supply availability Core Plantation + Plasma Development Program Medium
    Market Risk Sugar and ethanol price fluctuations Diversified revenue streams and sensitivity analysis Medium
    Operational Risk Plant performance and utilization Experienced EPC contractor and O&M planning Low
    Financial Risk Debt service performance DSCR covenant, DSRA and cash sweep mechanism Low

    Approval Matrix

    Prepared By

    PT Sapta Borneo Utama

    Reviewed By

    Management Review

    Approved By

    Sapta Riswandy
    President Director

    Revision History

    VersionDateDocument No.StatusDescription
    1.0June 2026SBU-PROJ-002Final / PublishedEPC Contract Final v1.0 issued for institutional lender data room publication.
    PT Sapta Borneo Utama • Institutional Virtual Data Room
    Confidential • June 2026 • www.saptaborneo.com