General Ledger : Jurnal Studi Ilmu Akuntansi

dan Keuangan E-ISSN: 2986-6995

Volume 02 No. 01. April 2023 DOI:

FINANCING STRATEGY FOR SIMBELIN MINI HYDRO PROJECT

(CASE STUDY: PT ENERGI MEKAR LESTARI)

M Dandy Resafahlevi Nasution, Muhammad Pintor Nasution

Sekolah Tinggi Ilmu Ekonomi Graha Kirana
[email protected]

Abstract PLTMH is a mini power generation system that can

convert water potential with a certain height and discharge
into electrical power below 500 kWh, by operating a water
turbine and generator. This water discharge management
system is an alternative to meet the electricity needs of
rural communities. Two micro hydro power plants
(PLTMH), namely in Lau Gunung Village, Tigalingga
District with a capacity of 10 megawatts (MW) under the
banner of PT Impola Mekar Energi and in Pardomuan
Village, Siempat Nempu Hilir District with a capacity of 7
MW under the banner of PT Energi Mekar Lestari. The
company as a whole is very attractive because the
construction of this power plant is for a small scale, usually
the largest investment in dam infrastructure, but the dam
has already been built by the government, so only a few
more can run the project located in Pegagan Julu VI
Village, Sumbul District, with an investment of Rp.
164,201,659,771. This author aims to help PT Energi
Mekar Lestari, particularly in the Simbelin Project, to find
a suitable funding model for the project. Some of the
funding models described by the author are using company
capital, single investors and debt to the bank. The author
uses several financial analyzes such as NPV, WACC,
ROE, ROI, US Index, IRR, Profitability Index and Total
Fair Market Value. The author uses the current interest rate
on loans and deposits of 4.3% and 2.8%. In addition, the
author can also determine the value of a company based on
the funding model. After obtaining several funding
alternatives, the author will determine conclusions
regarding the most suitable model used by the company.
Having several alternatives can help companies find the
right composition of funding to run their projects.

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Financing Strategy For Simbelin Mini Hydro Project (Case Study: PT Energi
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M Dandy Resafahlevi Nasution, Muhammad Pintor Nasution
Vol. 02 No. 01 Tahun 2023

Keywords: Profitability Index, Total Fair Market Value,

NPV
Abstrak PLTMH merupakan sistem pembangkit listrik mini yang
dapat mengubah potensi air dengan ketinggian dan debit
tertentu menjadi daya listrik di bawah 500 kWh, dengan
mengoperasikan turbin air dan generator. Sistem
pengelolaan debit air ini menjadi salah satu alternatif
untuk memenuhi kebutuhan listrik masyarakat pedesaan.
Dua pembangkit listrik tenaga mikrohidro (PLTMH) yakni
di Desa Lau Gunung, Kecamatan Tigalingga berkapasitas
10 megawatt (MW) di bawah bendera PT Impola Mekar
Energi dan di Desa Pardomuan, Kecamatan Siempat
Nempu Hilir berkapasitas 7 MW di bawah spanduk PT
Energi Mekar Lestari. Perusahaan secara keseluruhan
sangat menarik karena pembangunan pembangkit listrik
ini untuk skala kecil, biasanya investasi terbesar pada
infrastruktur bendungan, namun bendungan tersebut
sudah dibangun oleh pemerintah, sehingga hanya sedikit
lagi yang dapat menjalankan proyek tersebut. di Desa
Pegagan Julu VI Kecamatan Sumbul dengan nilai
investasi sebesar Rp. 164.201.659.771. Penulis ini
bertujuan untuk membantu PT Energi Mekar Lestari
khususnya di Proyek Simbelin dalam menemukan model
pendanaan yang cocok untuk proyek tersebut. Beberapa
model pendanaan yang penulis jelaskan adalah
menggunakan modal perusahaan, investor tunggal dan
hutang pada bank. Penulis menggunakan beberapa
analisis keuangan seperti NPV, WACC, ROE, ROI, US
Index, IRR, Profitability Index dan Total Fair Market
Value. Penulis menggunakan suku bunga pinjaman dan
simpanan saat ini sebesar 4,3% dan 2,8%. Selain itu,
penulis juga dapat menentukan nilai suatu perusahaan
berdasarkan model pendanaannya. Setelah memperoleh
beberapa alternatif pendanaan, penulis akan menentukan
kesimpulan mengenai model yang paling cocok digunakan
oleh perusahaan. Memiliki beberapa alternatif dapat
membantu perusahaan menemukan komposisi pendanaan
yang tepat untuk menjalankan proyeknya.
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M Dandy Resafahlevi Nasution, Muhammad Pintor Nasution
Vol. 02 No. 01 Tahun 2023

Kata kunci: Indeks Profitabilitas, Total Nilai Pasar

Wajar, NPV

I. Introduction
The availability of electricity is still not evenly distributed throughout
Indonesia, especially in remote areas in various provinces in Indonesia. The
condition is exacerbated by the increasing demand for electricity in Indonesia
along with population growth. Followed by fuel from natural resources (SDA)
which is running low and non-renewable. PLTMH is a mini power generation
system that can convert water potential with a certain height and flowrate into
electric power below 500 kWh, by operating a water turbine and generator.
This water discharge management system is an alternative to meet the
electricity needs of rural communities.
According to data from the Indonesian Institute of Sciences (LIPI)
quoted at www.lipi.go.id in 2008, the total hydroelectric potential in Indonesia
reached 75,000 megawatts and only 2.5 percent was absorbed. The MHP
potential could reach 10 percent of the total electricity potential. hydropower,
or about 7,500 megawatts. However, only 60 megawatts of MHP have been
used. Various advantages of PLTMH itself, namely the abundant water
potential, reliable and robust technology, so that it can operate for more than
15 years, environmentally friendly and renewable technology, and high
efficiency reaching 70-85 percent. According to data from the Indonesian
Institute of Sciences (LIPI) quoted at www.lipi.go.id in 2008, the total
hydroelectric potential in Indonesia reached 75,000 megawatts and only 2.5
percent was absorbed. The MHP potential could reach 10 percent of the total
electricity potential. hydropower, or about 7,500 megawatts. However, only
60 megawatts of MHP have been used. Various advantages of PLTMH itself,
namely the abundant water potential, reliable and robust technology, so that it
can operate for more than 15 years, environmentally friendly and renewable
technology, and high efficiency reaching 70-85 percent.
To solve this case, we would liike take all the related data and
investigate each of them then understanding and giving business scheme
recpmenedation. The result will help the campany to arrange the business
startegy based on data analysis.
PT Energi Mekar Lestari (EML) sees the potential need for energy
(electricity) in Indonesia as very high, so it requires various resources
including funds and humans to meet these needs. PT EML is under the banner
of PT Asri Power Group. The company finds it very attractive overall because
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Financing Strategy For Simbelin Mini Hydro Project (Case Study: PT Energi
Mekar Lestari)
M Dandy Resafahlevi Nasution, Muhammad Pintor Nasution
Vol. 02 No. 01 Tahun 2023

the construction of the power plant is for a small scale, usually the largest
investment in the dam infrastructure, but the dam has already been built by the
government, so just a little more can run project located in Pegagan Julu VI
Village, Sumbul District, with an investment Rp.164.201.659.771
The government’s strong determination to suppress fossil-based
energy from year to year encourages a massive increasing in New and
Renewable Energy (EBT) power plants is targeted for the mix to reach 23%
by 2025. The Ministry of Energy and Mineral Resources also projects that in
the next five years the investment cost for increasing the EBT power plant will
reach USD 36.95 billion.
Meanwhile, PT EML needs to growth and expand its service to solve
some issues, the company proposes a new business model starting with
analyzing the company's current business situation using two analytical
approaches: Business Process Analysis and Value Proposition. This result
relates in operatiration management and fianancial management.

Fig. 1. Conceptual Framework of Simbelin Project

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Financing Strategy For Simbelin Mini Hydro Project (Case Study: PT Energi
Mekar Lestari)
M Dandy Resafahlevi Nasution, Muhammad Pintor Nasution
Vol. 02 No. 01 Tahun 2023

Business Process Analysis

A business process is a set of interrelated activities designed to produce
an output for the customer. A company must have clear objectives, have input,
have creation, use resources, have several activities which in several stages
can affect more than one unit in the organization and can create value for
consumers. In addition, a great business process is one of the business
strategies for a company to compete in the market [4]. The business process
in New and Rebewable Energy is the future of energy utilization. The
following is a business process analysis from PT EML that consists of six
steps.
TABLE I: BUSINESS PROCESS ANALYSIS
Stages Stakeholder Problems
Initial Brief Engineer, Government Design tariff and
contract duration
Business Proposal Consultant, Engineer, Accpeting input from
Finance government

Design Engineering Consultant, Engineer, Design revisions,

Detail Finance especially on finishing
and material changes

Construction Consultant, Quantity of technical

Subcontractor, drawings in a limited
Engineer, Finance time

Start Construction Consultant, Finishing and material

Subcontractor, change due to client’s
Engineer, Finance estimated budget

Final Project Engineer, Finance,

Government

The business process starts wih explaning Indonesia Renewable

Energy Raodmap. In the early stages, both the client and the engineer conduct
an initial brief regarding the client's wishes and determine the resource and
market. The location and requirement will be the main target for the business.
Proceed to the next stage; Business Proposal, the company, provides the
feasibility studies, financial plan and developed design for a permit.
Nevertheless, there were many revisions related to the design. After that, the
client makes a first payment before proceeding to the next step.
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Financing Strategy For Simbelin Mini Hydro Project (Case Study: PT Energi
Mekar Lestari)
M Dandy Resafahlevi Nasution, Muhammad Pintor Nasution
Vol. 02 No. 01 Tahun 2023

Entering Design Engineering Detail stage, the company provides the

plant site and building design plan that consider all aspects of finishing and
materials. The problem that often occurs is design revisions and budget,
especially on the finishing and material changes. The next stage is the
construction; the company develops detailed drawings for construction
purposes. Many project output in a limited time is an obstacle in productivity.
Thus, the company must hire workers by an outsourced system. The company
also provides the selected contractor before the construction process begins.
After all the Design Engineering Detail are completed, and the
contractor has been selected, the next step is to start construction. It often
happens in almost every project that the clients change the finishing material
to minimize the budget which causes the construction process to be hampered
and affect the company’s productivity. At last, the company does site
supervision once a week and provides detailed drawings for the contractor if
needed.
The last step is the final project; the company provides the final
design book to clients consists of all working progress, detailed engineering
and plant site drawings, and financial summary. In summary, problems often
occur in almost every stage of the business analysis process. However, the
most significant and frequent problem is the disruption project productivity
and construction delay due to the client's financial condition. There are often
changes in financial comapany who want to fund at lower prices which cause
differences between the results and the initial design concept.

II. METHOD
Value Proposition
The value a company promises to deliver to customers should they
choose to buy their product. A value proposition is part of a company's
overall marketing strategy. The value proposition provides a declaration of
intent or a statement that introduces a company's brand to consumers by telling
them what the company stands for, how it operates, and why it deserves their
business.
It consists of two parts: the customer segment and value proposition.
This diagram aims to determine the product's value based on consumer
behavior to produce products according to market needs. To explain market
needs, the researcher uses customer analysis data obtained from the evaluation
results of communication between PT EML and existing customers. Customer
analysis is an essential strategy in a marketing plan. Companies need to
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M Dandy Resafahlevi Nasution, Muhammad Pintor Nasution
Vol. 02 No. 01 Tahun 2023

analyze customer data regarding needs, channels, problems, and other

information required to obtain effective marketing strategies.
TABLE 2: CUSTOMER ANALYSIS
Stages Research Contract Implement Closing After
Service
Goals Getting Get design Enjoy the Satisfied Network,
information idea process experience
Doing Doing Deal, start Analyze Finishing Nice
feasibility payment and the project Feedback
studdies Develope and
supervise
People Consultant, Admin Consultant Consultat Return
Contractor, and and customer,
Governement Contractor Contractor customer’s
friends
Thinking Design to Price On time The result Should I
increase value related delivery according Recommen
services to plan d it?
Problems Lack of Cannot Shifting Can not Not all
accurate data relate decision of predict projects
between material nature comply
price & used condition with the
project initial
design
details
Experience Curious, Excited Happy Satisfied Trust
hesitate

Customer jobs consist of problems and desires that consumers want

(yellow points). In contrast, customers' gains are various things that are
positive and provide the benefits expected by the customer (green points) and
customers' pains are the opposite of customer gains, describes all negative and
risks experienced by customers (red points). The following is the Value
Proposition Canvas from PT EML.
TABLE 3: VALUE PROPOSITION
Value Proposition Customer Segment
Product and Services Customers Job
1 Detail Engineering Design Functional:
services Find civil and energy consultant
Get design idea
Design to increase value
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M Dandy Resafahlevi Nasution, Muhammad Pintor Nasution
Vol. 02 No. 01 Tahun 2023

2 New acquaintance Social:

Networking
3 Good services Emotional:
Experience & enjoy the process
Gain creators Customer Gains

1 Various design that suitable to Price related project.

the site
2 Flexible project schedule On time delivery
3 Provide material sample, site The result according to the design
supervision services
Pain Reliever Customer Pains
1 Working process explanation Cannot relate between price and
project details
2 Provide possible material Shifting decision of material used
alternatives

Reliable Analysis
In order to meet the national energy mix target of 23% sourced from
new and renewable energy (EBT) in 2025 as stated in the National Energy
Policy (KEN), the Government together with PT. PLN (Persero) has planned
a strategy to fulfilling the aspect of energy sustainability by utilizing and
developing renewable energy, especially the local energy potential in a wider
area. Indonesia has an EBT potential of around 442,000 MW.
Government program through the Ministry of Energy and Mineral
Resources The first is the creation of new markets for renewable energy
through the Renewable Energy Based Industry Development (REBID) and
Renewable Energy Based on Economic Development (REBED) programs.
Second, encourage the increase in NRE power generation capacity by
ensuring the commitment of related parties in the development of EBT Power
Plants (PLT) in accordance with the RUPTL (General Plan for the Provision
of Electricity).
PT EML gives engineering design based on field inspection and the
investment analysis based on economic growth and government policy. Both
of them will influence the budget spending and the target price. The company
also will calculate industry analysis, society requirement and district growth.
These analysis help the company decide how to make sure the investment pay
back period.
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Financing Strategy For Simbelin Mini Hydro Project (Case Study: PT Energi
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Vol. 02 No. 01 Tahun 2023

In the energy industry, price becomes critical in using a service. The

client often has price bargaining because it is considered too expensive for the
results obtained. In addition, on-time delivery in design and construction is
essential because clients already have their targets that need to be achieved.
Moreover, in the early design stages, the company has provided analysis to
describe the project overview. Thus, the client has a view of the result that
must be following the initial project.
1) Experiences
PT EML helps customers complete engineering and investement
analysis as part of contruction process. PT EML strives to always provide the
best service by realizing client's needs and wants aesthetically and
functionally. Furthermore, both the company and the client can have new
networking that can be mutually beneficial. For instance, the company will get
more acquaintances and good references from clients, contractors, and
supporting vendors. These acquaintances are also convenient to reach new
potential clients. Lastly, by improving the quality of the service, it will also
enhance the client experience.
In this case, the most frequent customer pain experienced is in
financial problems. The client often bids on the design cost due to financial
issues. Moreover, there are often economic and government policy changes,
especially during the construction phase, because the material used in the
design is not according to the estimated budget and causes PT EML’s
productivity and construction process to be hampered.
2) Pitching Investor
Pitch is a presentation of a business idea to potential investors.
People pitch a business because they need resources. If the goal is to raise
startup cash, the target of the pitch is an investor. Other businesses pitch to
potential customers to sell their product. Finally, some organizations pitch
because they need a partner or resource to help them accomplish their mission.
It's important to remember that a pitch to an investor may not strictly
seek startup capital. For example, a business may need an investment when it
has an unexpected but very profitable order beyond its current capacity. Such
a pitch is easier to make because investors feel far more secure with the
purchase order in hand. The idea of an Elevator Pitch is that it's short, just
like an elevator ride. If executed well, this short pitch will spark the curiosity
of the client and encourage them to ask more questions. Because of its brevity,
an elevator pitch works great when seeking investors.
Another type of pitch is the Live Plan Pitch, which relies more on
visual aids than on speaking. The general idea of this pitch is to hand all the
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Financing Strategy For Simbelin Mini Hydro Project (Case Study: PT Energi
Mekar Lestari)
M Dandy Resafahlevi Nasution, Muhammad Pintor Nasution
Vol. 02 No. 01 Tahun 2023

customer's representatives a neatly formatted single page containing relevant

information such as a market summary, financial information, or related
legislation. This type of pitch is particularly effective when meeting with
individuals and organizations who value empirical data, such as accounting
firms, financial planners, and banks. With a bit of customization, this type of
pitch can be delivered to a variety of investors or customers
Based on the analysis results, PT EML found several factors that
caused the project to be hampered, such as the difference between the results
and the initial design due to the material changes with lower prices. In
addition, bargaining on the design price is an obstacle for PT EML in
maximizing its productivity. Thus, the leading cause of this problem is the
client's financial condition, which affects performance and negatively impacts
the parties involved, such as architects and contractors. Therefore, PT EML
needs to create a new strategy in the production mechanism process as well as
the payment terms system to minimize the current problems

III. RESULT AND DISCUSSIONS

BUSINESS STRATEGY FORMULATION

A. Proposed Financial Strategy Analysis
Based on business analysis in previous section, originally the
company is trying to pursue angel investment or making its own internal
financing. Business Angel, in most cases, prefer to invest on well-known
industry so they able to measure industry trend and valuation. The other
alternatives which is internal financing, the company retained earnings
couldn’t manage to finance the investment itself, equity and debt financing
will be assessed in this section. The most profitable alternative will be selected
with consideration of company’s business outlook and financial condition.
In this research, author will examine some financing alternatives the
company can use in ordering to grow the business. The financing strategy
alternatives that can be explain more is internal financing, angel financing,
and debt financing. In addition, US Index analysis of the company for 10 years
projected income statement will be conducted first as determinant to decide
company’s capital structure.
The US Index Theory was introduced by Dr. Ir. Uke Marius Siahaan,
MBA as a tool and the financial parameters for assessing repayment capacity
of a company, as well as a determinant to decide whether a business entity
should maximize use of Debt or Equity in running the operation.
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Financing Strategy For Simbelin Mini Hydro Project (Case Study: PT Energi
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M Dandy Resafahlevi Nasution, Muhammad Pintor Nasution
Vol. 02 No. 01 Tahun 2023

The US Index could determine a company’s ability to meet its

obligation by comparing its Business Generic Profitability (BGP) to the Loan
Interest Rates (I) which can be formulated as follows:

𝑼𝑺 𝑰𝒏𝒅𝒆𝒙 = 𝑩𝒖𝒔𝒊𝒏𝒆𝒔𝒔 𝑮𝒆𝒏𝒆𝒓𝒊𝒄 𝑷𝒓𝒐𝒇𝒊𝒕𝒂𝒃𝒊𝒍𝒊𝒕𝒚 ÷ 𝑳𝒐𝒂𝒏 𝑰𝒏𝒕𝒆𝒓𝒆𝒔𝒕 𝑹𝒂𝒕𝒆

Generic Business Profitability (BGP) is the result of profit margin of a

company which derives from its business activities were financed by its capital
either in from of debt/ loan or equity. The formula is formulated as follows:

𝑩𝑮𝑷 = (𝑬𝒂𝒓𝒏𝒊𝒏𝒈𝒔 𝒃𝒆𝒇𝒐𝒓𝒆 𝑰𝒏𝒕𝒆𝒓𝒆𝒔𝒕 𝒂𝒏𝒅 𝑻𝒂𝒙𝒆𝒔 ÷ 𝑻𝒐𝒕𝒂𝒍 𝑨𝒔𝒔𝒆𝒕𝒔) ∗

𝟏𝟎𝟎%

The concept started with the needs of capital expenditure in ordering

to generate operational profit. If the capital source comes from debt then
company will have obligation to bank to pay interest expense as the payment
on the agreement. The loans itself could generate Business Generic Profit
(BGP) a minimum of Loan Interest Rate (I) so the company could meet to
cover its loan interest obligation to the bank.
To maximize its operating profit, the company should take the
optimal decision on its capital structure whether financed by equity or debt.
As the result, the financing decision should generate greater profit than the
operating cost and financial cost which is called leverage. According to the
result of US Index values, the signs can be defined as follows:
1. US Index > 1 company should go leverage
2. US Index < 1 company should go equity
3. US Index = 1 company is free to choose either go leverage or go equity.
The first financing strategy is internal financing. Internal financing is
a fund that is initiated by the firm in its regular course of performance such as
retained earnings. The second financing strategy uses an angel investor (also
known as a business angel, informal investor, angel funder, private investor,
or seed investor) is an individual who provides capital for a business start-up,
usually in exchange for convertible debt or ownership equity. Angel investors
usually give support to start-ups at the initial moments (where risks of the
start-ups failing are relatively high) and when most investors are not prepared
to back them. Angels, in most cases, provide capital for start-up or early stages
businesses and lack operational plans. Business angels typically invest within
a period of 3-7 years before exiting the investment or the firm’s failing. The
third financing strategy is debt financing using bank loan. Bank will provide
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Financing Strategy For Simbelin Mini Hydro Project (Case Study: PT Energi
Mekar Lestari)
M Dandy Resafahlevi Nasution, Muhammad Pintor Nasution
Vol. 02 No. 01 Tahun 2023

the agreed amount of money with specific interest rates and receive the loan
principal over a period of time. This alternative is trying to calculate with 65%
of bank loan and 35% equity.

IV. CONCLUSION
The following is a summary of the three financing alternatives that
can be applied in the project. This analysis is based on the calculation of the
current interest rate. Based on these analysis, Debt Financing (Alternative 3)
is viable choice for financing the project.
TABLE 2: Alternative Financing Comparison

Internal Financing Angel Investing Debt Financing

Variables (Alternative 1) (Alternative 2) (Alternative 3)
WACC 9,7% 8% 6,8%
Cost of Equity 10% 11,9% 12%
Cost of Preferred
Stock - 50% -

Cost of Debt - - 6%
Payback Period 8 year 8 year 7 year
NPV $1.146.760 $3.709.149 $6.366.186
Profitability 1,1 1,3 1,6
Index
IRR 11% 11% 12%
US Index 0,65 0,76 1

Business situation analysis does not ensure the expansion project will
be profitable. Giving better justification, feasibility study of capital structure
analysis is assessed. The conclusion of this research is listed below.
1. The initial investment requires for this project is $11.324.252 which
consists of investment on land, plant, equipment, intangibles, and initial
working capital.
2. There are three financing alternatives proposed on this research. First,
Internal Financing will use its own equity to fund this project. Second is
Angel Investing where company will maintain its capital with angel
investment as many as 100%. The third alternative is Debt Financing
where 65% is taken from bank loan and 35% equity.
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M Dandy Resafahlevi Nasution, Muhammad Pintor Nasution
Vol. 02 No. 01 Tahun 2023

3. Based on the comparation, it is shows alternative 3 (Debt Financing)

generating more benefits. The alternative gives result in NPV for
$6.366.186; Profitability Index (PI) for 1,6; Internal Rate of Return (IRR)
for 12%; Payback Period (PP) for 8 years and one month. This is also
proven with US Index result above 1 with result for 1.It means that the
company needs to do leverage for financing expansion project. Total Fair
Market Value of the company is $12.872.212.
4. Alternatives 3 will enhance company’s value in several way such as
diversification in financial risk, tax benefits on interest payment, secured
retained earnings, fast funding disbursement, and keep shareholder’s
equity remain balanced.

III. REFERENCES

Agung Pribadi. (2021). Indonesia to Add 40,000 MW in the Next Ten Years
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https://www.esdm.go.id/en/media-center/news-archives/tambah-40000-
mw-dalam-10-tahun-ke-depan-52-persen-dari-ebt
Ir Uke Marius Siahaan. (1987). US Index Investment Project Analysis. From:
https://studylibid.com/doc/864757/ir.-uke-marius-siahaan--mba---sbm-
itb
Dadan Kusdiana. (2021). Dirjen EBTKE: Lebih Mudah Hemat Energi
Ketimbang Bangun Pembangkit.
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lebih-mudah-hemat-energi-ketimbang-bangun-pembangkit
Gatrik ESDM. (2009). RUPTL PT PLN Persero from:
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_pln
Fatih Birol. (2020). World Energy Outlook 2021 shows a new energy
economy is emerging – but not yet quickly enough to reach net zero by
2050. From: https://www.iea.org/news/world-energy-outlook-2021-
shows-a-new-energy-economy-is-emerging-but-not-yet-quickly-enough-
to-reach-net-zero-by-2050
IAE. (2021). World Energy Outlook 2021. from:
https://iea.blob.core.windows.net/assets/88dec0c7-3a11-4d3b-99dc-
8323ebfb388b/WorldEnergyOutlook2021.pdf
Adi Putra. (2016). https://iea.blob.core.windows.net/assets/88dec0c7-3a11-
4d3b-99dc-8323ebfb388b/WorldEnergyOutlook2021.pdf
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Vol. 02 No. 01 Tahun 2023

Yanita Patriella. (2021). Pembangkit Listrik Tenga Hidro Bisa Jadi OPpsi
EBT. From:
https://ekonomi.bisnis.com/read/20210918/44/1443968/pembangkit-
listrik-tenaga-hidro-bisa-jadi-opsi-ebt