Energy company PT TBS Energi Utama (TOBA) has confirmed that it will not participate in the government’s upcoming waste-to-energy (PLTSa) projects or the issuance of Patriot Bonds through the state-backed investment management agency, Danantara.

The clarification comes after Danantara announced plans to hold a tender for PLTSa projects following the issuance of Presidential Regulation No. 109/2025 on October 10, 2025. The regulation updates the 2018 Presidential Regulation No. 35 and establishes guidelines for converting waste into environmentally friendly electricity.

“Our priority is on existing projects that we have already approached and are regional in scope,” Juli Oktarina, Director of TOBA, told a press conference on Tuesday, October 28, 2025. She further emphasized, “Regarding Patriot Bonds, we are not participating, and if we were, we would have informed the public.”

Market speculation had previously linked TOBA to Danantara projects due to the company’s past affiliation with Pandu Sjahrir, Danantara’s Chief Investment Officer, who also once served as TOBA’s Deputy President Director. Danantara has launched Patriot Bonds totaling Rp 50 trillion (US$3 billion), aimed at financing more than 30 waste-to-energy projects across Indonesia.

Despite stepping aside from Danantara’s latest initiatives, TOBA continues to focus on regional growth. In the second half of 2025, the company launched CORA Environment, a rebranded entity replacing Sembcorp Environment in Singapore.

CORA oversees digitalized waste collection, recycling, incineration, and resource recovery, and plans to invest over S$200 million (Rp2.56 trillion) in the next five years to strengthen regional waste management infrastructure, with projects slated for completion by 2026.

Since starting its waste management operations in 2018, TOBA has reported positive results, particularly after expanding into Singapore. The company now aims to broaden its presence across Southeast Asia − including Thailand, Vietnam and Malaysia − focusing on waste-to-energy, recycling, and cross-border environmental initiatives.