Turning Trash to Gold: Why OASA is Surging as Indonesia’s Waste-to-Energy Powerhouse

JAKARTA, Investortrust.id — Indonesia’s long-standing waste crisis is transforming into a high-octane investment theme as PT Maharaksa Biru Energi Tbk (OASA), a rising green energy solutions provider, positions itself at the epicenter of a government-backed industrial boom.

Indonesia generates approximately 37.3 million tons of waste annually, yet nearly 68% of it rots in landfills without any processing. For global investors, this inefficiency represents a massive untapped market. The recent intervention by Danantara, Indonesia’s powerful new sovereign wealth fund, combined with aggressive price guarantees, has turned "waste-to-energy" from a green pipe dream into a viable, high-margin infrastructure play.

Regulatory Windfall Ignites Market Interest

The momentum behind OASA is driven by the landmark Presidential Regulation (Perpres) No. 109 of 2025. This policy acts as a "de-risking" mechanism for the sector, providing a fixed electricity tariff of $0.20 per kWh and guaranteeing 30-year Power Purchase Agreements (PPA).

Samuel Sekuritas Indonesia (SSI Research) analysts Juan Harahap and Ahnaf Yassar noted in their "Waste to Wealth" report released Thursday, May 8, 2026, that the regulatory shift is a game-changer. They emphasized that the clear support from Perusahaan Listrik Negara (PLN), the state-owned utility monopoly, and local governments provides the structural certainty investors have craved for years.

Funding a Green Revolution

To fuel its ambitious expansion, OASA is hunting for $74 million in fresh capital. The management plans to secure $52 million through debt financing, while the remaining $22 million will be raised via a rights issue.

These funds are earmarked for critical infrastructure in the Jabodetabek region, the massive urban sprawl surrounding Jakarta. OASA currently holds a 76% stake in the Tangerang Selatan Waste-to-Energy project, which is designed to process 1,100 tons (1,212 short tons) of waste per day to produce 25 megawatts of power. Additionally, the firm holds a 28% stake in a larger West Jakarta facility capable of handling 2,000 tons daily.

The Path to Profitability

"OASA is in the right position to capture the WtE opportunity because of strong regulatory support and Indonesia's urgent need for waste management," SSI Research stated in their report. The financial outlook is turning bullish, with the company expected to generate an additional Rp 250 billion ($15.7 million) in EBITDA once these facilities reach an 80% utilization rate by 2029.

Market confidence is already palpable. OASA's stock has surged 63.6% this year, reflecting a massive shift in sentiment. Investors are no longer looking at the company as a speculative green play but as a fundamental pillar of Indonesia’s transition to a circular economy.

Beyond its current portfolio, OASA is aggressively bidding for a second wave of tenders backed by Danantara. The company’s prospects were further bolstered after PT Binakarya Jaya Abadi Tbk (BIPI), a major domestic infrastructure player, acquired a 20% stake in one of OASA’s subsidiaries, signaling deep institutional confidence in the firm's execution capability.