Project Overview
PT Sapta Borneo Utama is developing an integrated sugar industry project consisting of a 10,000 TCD sugar factory, 60 KLPD ethanol plant, 30 MW biomass power plant, 500 Ha core plantation and a 10,000–20,000 Ha plasma farmer development program.
USD 1.0BTotal Project Cost
10,000 TCDSugar Factory Capacity
315,810 TonsAnnual Sugar Production
60 KLPDEthanol Plant Capacity
30 MWBiomass Power Plant
24–30 MonthsConstruction Period
Project Components
| Component | Capacity / Scope |
|---|---|
| Sugar Factory | 10,000 TCD |
| Ethanol Plant | 60 KLPD |
| Biomass Power Plant | 30 MW |
| Core Plantation | 500 Ha |
| Plasma Development | 10,000–20,000 Ha |
Financial Highlights
| Metric | Value |
|---|---|
| Annual Revenue | USD 198.396 Million |
| EBITDA | USD 109.118 Million |
| CFADS | USD 91.712 Million |
| Annual Debt Service | USD 70.548 Million |
| DSCR | 1.30x |
| LLCR | 1.45x |
| PLCR | 1.60x |
| Project IRR | 11.8% |
Capital Structure
| Item | Amount / Term |
|---|---|
| Total Project Cost | USD 1,000,000,000 |
| EPC Contract | USD 442,500,000 |
| Debt Facility | USD 1,000,000,000 |
| Interest Rate | 3.00% Fixed p.a. |
| Loan Tenor | 20 Years |
| DSRA | 6 Months Debt Service |
Sensitivity Analysis
| Scenario | Result |
|---|---|
| Base Case | DSCR 1.30x |
| Sugar Price -10% | Reduced DSCR |
| OPEX +5% | Reduced DSCR |
| Combined Downside | Approx. DSCR 1.20x |
Risk Assessment
| Risk Category | Description | Mitigation | Rating |
|---|---|---|---|
| Construction Risk | Delay during EPC implementation. | LSTK EPC contract, performance security and independent engineer review. | Medium |
| Feedstock Risk | Sugarcane supply availability. | Core plantation and plasma development program. | Medium |
| Market Risk | Sugar and ethanol price fluctuations. | Diversified revenue streams and sensitivity analysis. | Medium |
| Financial Risk | Debt service performance. | DSCR covenant, DSRA and cash sweep mechanism. | Low |
ESG Framework
- Renewable biomass energy generation.
- Carbon credit development opportunities.
- Sustainable sugarcane cultivation.
- Community development programs.
- Farmer empowerment initiatives.
- Governance and compliance framework.
Lender Bankability Assessment
- Limited recourse project finance structure.
- Fixed interest rate assumption of 3.00% p.a.
- Minimum DSCR covenant of 1.30x.
- Six-month Debt Service Reserve Account.
- LSTK EPC contract with performance security.
- Integrated sugar, ethanol and biomass revenue streams.
Document Information
| Document Owner | PT Sapta Borneo Utama |
|---|---|
| Project | USD 1 Billion Integrated Sugar Factory Project |
| Location | Majalengka, West Java, Indonesia |
| Classification | Confidential |
| Status | Final / Published |
| Prepared For | Lenders, ECAs, Institutional Investors and Strategic Partners |
| Date | June 2026 |
Revision History
| Version | Date | Document No. | Status | Description |
|---|---|---|---|---|
| 1.0 | June 2026 | SBU-PROJ-001 | Final / Published | Feasibility Study v1.5 issued for institutional lender data room publication. |