2025年10月，印尼总统普拉博沃·苏比安托签署《2025年第109号总统条例》，为破解国内垃圾危机、助力能源转型需求，该条例对对垃圾发电项目规则进行全面重构，本文将聚集新政核心要点，为中资企业出海印尼参与相关项目提供清晰指引。

　　In October 2025, Indonesian President Prabowo Subianto signed Presidential Regulation No. 109 of 2025. Aimed at addressing the national waste crisis and supporting the country’s energy transition, this regulation comprehensively restructures the rules governing waste-to-energy projects. This article focuses on the core points of the new policy, providing clear guidance for Chinese enterprises investing in Indonesia to participate in relevant projects.

　　一、投资法律政策核心：0.20美元电价的“刚性”与地方义务的“弹性”

　　(一)电价机制——“一口价”无溢价，收益来源单一固定

　　根据《2025年第109号总统条例》及配套解读，印尼垃圾发电项目实行0.20美元/千瓦时的固定电价标准，该电价标准适用于各类容量的垃圾发电项目，且明确规定执行期限为30年，期间无任何调价公式或价格浮动机制。这一“刚性”设定，让项目收益具备极强的确定性，但同时也意味着投资人的现金流需完全依赖发电量。

　　1. Core Investment Legal Policies: The "Rigidity" of the $0.20/kWh Tariff and the "Flexibility" of Local Obligations

　　1.1.Tariff Mechanism – "Fixed Price" with No Premium, Single and Fixed Revenue Stream

　　Pursuant to Presidential Regulation No. 109 of 2025 and its supplementary interpretations, Indonesia has implemented a fixed tariff of US$0.20 per kilowatt-hour (kWh) for waste-to-energy projects. This tariff applies to projects of all capacities and is explicitly stipulated to remain in effect for a period of 30 years, with no price adjustment formula or floating mechanism during the term. This "rigid" framework ensures strong revenue certainty for projects, but also means that investors' cash flows are entirely dependent on power generation output.

　　值得注意的是，新政取消了传统的“垃圾处理费”(tipping fee)，项目收益与垃圾供应量、垃圾热值等此前影响收益的关键因素彻底脱钩。只要项目正常发电，无论地方政府供应的垃圾量是否达标、垃圾热值是否符合预期，投资人就能按0.20美元/千瓦时的价格获得售电收入;反之，若因非投资人可控因素导致发电量不足，投资人将直接面临收益损失，且无法通过垃圾处理费弥补该损失。

　　Notably, the new policy has abolished the traditional "tipping fee," completely decoupling project revenue from key factors that previously affected returns, such as waste supply volume and calorific value. As long as the project generates electricity normally, investors will receive revenue at the rate of US$0.20 per kWh regardless of whether the waste volume supplied by the local government meets the target or the waste's calorific value is as expected. Conversely, if power generation falls short due to factors beyond the investor's control, investors will face a direct loss of revenue with no possibility of offsetting it through tipping fees.

　　从法律层面来看，该电价标准被明确写入《电力购销协议》(PJBL)，且协议中明确约定“价格无协商空间、无价格调整条款”，同时印尼国家电力公司(PT PLN (Persero))被强制要求作为唯一购电方，必须签署该协议，进一步强化了电价的“刚性”属性。此外，为保障PT PLN (Persero)的购电能力，中央政府会对其因按该固定电价购电产生的额外成本(包括购电成本及配套电网建设费用)给予全额补偿，既确保了购电方的履约能力，也间接为投资人的收益提供了保障。

　　From a legal perspective, this tariff rate is explicitly stipulated in the Power Purchase Agreement (PJBL). The agreement clearly states that "the price is non-negotiable and there are no price adjustment clauses". Furthermore, PT PLN (Persero) (Indonesia's state-owned electricity company) is mandated as the sole off-taker and required to sign the agreement, further reinforcing the "rigid" nature of the tariff.

　　In addition, to ensure PT PLN's purchasing capacity, the central government provides full compensation for the additional costs incurred by PLN from purchasing power at this fixed tariff, including the power purchase cost and associated grid construction expenses. This not only guarantees the off-taker's ability to perform its contractual obligations but also indirectly safeguards investors' revenue.

　　(二)土地与垃圾供应——地方义务明确，风险隐性转移

　　1. 土地供给：免费借用但风险自担

　　《2025年第109号总统条例》明确规定，地方政府(Pemerintah Daerah)有义务为垃圾发电项目(PSEL)“免费借用”国有土地，且在项目建设及整个运营周期内不得收取任何租金或相关费用。土地来源可包括现有垃圾处理场(TPA)场地、现有TPA场地的开发扩建区域，或为项目专门提供的新土地。若地方政府在土地供应中遇到障碍，需依据公共利益用地获取的相关法律法规予以解决，确保土地按时交付。

　　1.2.Land & Waste Supply – Clear Local Obligations, Implicit Risk Transfer

　　1.2.1 Land Provision: Free Use, Risk-Bearing by the Investor

　　Presidential Regulation No. 109 of 2025 explicitly stipulates that local governments (Pemerintah Daerah) are obligated to provide state-owned land for "free use" to waste-to-energy projects (PSEL). No rent or related fees may be charged during the project's construction and entire operational period.

　　Land sources may include existing landfill sites (TPA), areas for the development and expansion of existing TPA sites, or new land specifically allocated for the project. If local governments encounter obstacles in land provision, they must resolve them in accordance with relevant laws and regulations governing land acquisition for public interest purposes to ensure timely land delivery.

　　但“弹性”风险同样不容忽视：尽管地方政府负责提供土地，但若土地存在抵押、产权纠纷、诉讼等潜在问题，相关法律风险与经济损失均由项目开发商(BUPP PSEL)自行承担。该条例未对地方政府因土地权属问题导致项目延误或损失的补偿机制做出明确规定，投资人需在项目前期对土地权属进行详尽核查，同时在合作协议中明确地方政府的违约责任，避免因土地问题陷入被动局面。

　　However, the "flexible" risks cannot be overlooked: although local governments are responsible for providing land, the project developer (BUPP PSEL) shall bear all relevant legal risks and economic losses if the land is encumbered by mortgages, title disputes, litigation, or other potential issues.

　　The regulation does not explicitly stipulate a compensation mechanism for project delays or losses caused by local governments due to land title issues. Investors are required to conduct a thorough due diligence on land ownership in the early project stage and clearly define the local government's liability for breach of contract in the cooperation agreement to avoid being put in a passive position due to land-related problems.

　　2. 垃圾供应：保底量约束但收益风险转移

　　地方政府需保证向垃圾发电项目日供应垃圾量不低于1000吨，且需在地方收支预算(APBD)中列支垃圾收集与运输费用，确保垃圾从源头到项目场地的全流程供应。若单一县/市无法满足日供1000吨的要求，可在省级政府协调下，与周边县/市通过签订合作协议联合供应垃圾，合作细节需符合相关法律法规。

　　1.2.2 Waste Supply: Minimum Quantity Commitment, but Revenue Risk Transfer

　　Local governments are required to guarantee a daily waste supply of no less than 1,000 tons to waste-to-energy projects. They must also budget for waste collection and transportation costs in the Regional Revenue and Expenditure Budget (APBD) to ensure a full supply chain from the source to the project site.

　　If a single regency or city cannot meet the 1,000-ton daily supply requirement, it may, under the coordination of the provincial government, jointly supply waste with neighboring regencies or cities through signed cooperation agreements. The details of such cooperation must comply with relevant laws and regulations.

　　然而，新政对垃圾供应不足的处理机制，实质将风险转移给投资人：若地方政府未达标且无合理理由，开发商可免于承担罚款，但对应发电量减少导致的电费损失需自行承担。条例未要求地方政府对垃圾供应不足造成的投资人损失进行补偿，仅明确“垃圾供应不足不构成开发商违约”，这意味着投资人需在项目测算中充分考虑垃圾供应波动风险，同时通过协议约定地方政府的垃圾供应考核机制，例如连续多日供应不足时的整改期限及补偿措施。

　　However, the new policy's mechanism for addressing insufficient waste supply effectively shifts the risk to investors: if the local government fails to meet the supply target without reasonable justification, the developer may be exempt from fines, but must bear any revenue losses from reduced electricity sales caused by the shortfall.

　　The regulation does not require local governments to compensate investors for losses due to insufficient waste supply; it only clarifies that "insufficient waste supply does not constitute a breach by the developer." This means investors must fully account for waste supply volatility in project financial modeling, and also establish a waste supply assessment mechanism in agreements with local governments—such as rectification periods and compensation measures for consecutive days of supply shortfalls.

　　(三)审批流程：线上提速但“视为批准”存隐性风险

　　为提升项目落地效率，新政规定垃圾发电项目的环评(Amdal)、空间规划、营业许可等所有审批流程均通过电子化一站式经营许可系统(OSS系统) 办理，且明确环评审批最长时限为2个月——自OSS系统确认申请材料完整无误之日起计算，若超过2个月未出具审批结果，系统将自动签发环境许可，即“沉默即同意”机制。

　　1.3.Approval Process: Online Acceleration, but "Deemed Approval" Carries Hidden Risks

　　To accelerate project implementation, the new policy stipulates that all approval processes for waste-to-energy projects—including environmental impact assessment (Amdal), spatial planning, and business licenses—must be processed through the Online Single Submission (OSS) system, an electronic one-stop business licensing platform.

　　It explicitly sets a maximum 2-month time limit for environmental impact assessment approval, calculated from the date the OSS system confirms the completeness and correctness of the application documents. If the approval result is not issued within two months, the system will automatically issue the environmental permit, establishing a "silence implies consent" mechanism.

　　这一“提速”机制虽有效缩短了审批周期，但隐性风险仍需警惕。“视为批准”的许可可能因程序瑕疵被第三方(如环保组织、周边居民)以“审批流程不合法”为由提起行政诉讼，导致项目开工后被叫停。例如，若地方政府未按要求开展公众咨询，或环评报告存在数据疏漏，即便OSS系统自动批准，仍可能面临司法挑战。因此，投资人需确保审批材料的完整性与合规性，同时留存所有审批流程的电子记录，避免因程序问题影响项目推进。

　　While this "accelerated" mechanism effectively shortens the approval cycle, hidden risks remain. A permit granted under "deemed approval" may be subject to administrative lawsuits filed by third parties (such as environmental organizations or local residents) on the grounds of "illegality in the approval process," potentially halting the project after construction has commenced.

　　For instance, if the local government fails to conduct required public consultations or if the environmental impact assessment report contains data omissions, the permit—even if automatically approved by the OSS system—may still face judicial challenges. Therefore, investors must ensure the completeness and compliance of all application materials and preserve electronic records of the entire approval process to avoid project delays caused by procedural issues.

　　(四)外资准入：资本金门槛降低，融资仍有约束

　　针对外资企业(PMA)，新政显著降低了准入门槛：外资企业最低实缴资本从1000亿印尼盾降至250亿印尼盾(约合150万美元)，大幅减轻了外资企业的初始资金压力，有利于吸引更多中小规模外资企业参与项目。

　　1.4.Foreign Investment Access: Lower Capital Threshold, but Financing Constraints Remain

　　For foreign-owned enterprises (PMA), the new policy has significantly lowered the entry barrier: the minimum paid-in capital requirement for foreign investors has been reduced from IDR 1 trillion to IDR 25 billion (approximately USD 150,000), greatly easing the initial financial pressure on foreign companies and helping attract more small and medium-sized foreign investors to participate in the projects.

　　但在融资环节，银行仍要求外资企业满足25%-30%的股本比例，即项目总投资中，外资企业需自行承担至少25%-30%的资本金，剩余部分可通过银行贷款等债务融资解决。这一要求与印尼《2025年第28号政府条例》中“风险型经营许可”的资本充足率要求相衔接，旨在保障项目财务稳定性，避免因杠杆过高导致项目违约。此外，外资企业需通过OSS系统完成企业注册、许可申请等全流程操作，且需遵守印尼关于外资持股比例、本地员工雇佣等相关规定，例如部分领域可能要求与本地企业合资，或雇佣一定比例的本地员工。

　　However, in terms of financing, banks still require foreign-owned enterprises (PMA) to maintain an equity ratio of 25%–30%. This means that foreign investors must provide at least 25%–30% of the total project investment as equity capital, with the remaining portion financed through debt instruments such as bank loans.

　　This requirement aligns with the capital adequacy rules for "Risk-Based Business Licenses" under Government Regulation No. 28 of 2025, aiming to safeguard project financial stability and prevent defaults caused by excessive leverage.

　　In addition, foreign investors must complete the entire process—including company registration and license applications—via the OSS system. They must also comply with Indonesian regulations governing foreign shareholding limits and local employment requirements, such as mandatory joint ventures with local partners in certain sectors or hiring a specified percentage of local employees.

　　二、政策衔接与执行保障

　　(一)与其他法规的协同

　　本次垃圾发电新政并非孤立存在，而是与印尼多项现有法规形成协同。例如，在许可审批环节，严格遵循《2025年第28号政府条例》中“风险型经营许可”的管理要求，根据项目风险等级(垃圾发电多归为中高/高风险)确定许可材料与审批流程;在环保标准方面，需符合《2009年第32号环境保护法》及后续修订条款中关于污染物排放、环境监测的要求，烟气排放、渗滤液处理等指标需达到欧盟同等标准。

　　2.Policy Alignment and Implementation Guarantees

　　2.1.Coordination with Other Regulations

　　The new waste-to-energy policy is not standalone but coordinated with multiple existing Indonesian regulations. For example, in the licensing and approval process, it strictly follows the risk-based business licensing requirements under Government Regulation No. 28 of 2025, determining the required documents and approval procedures based on the project's risk level (most waste-to-energy projects are classified as medium-high/high risk).

　　In terms of environmental standards, projects must comply with the Law No. 32 of 2009 on Environmental Protection and its subsequent amendments regarding pollutant discharge and environmental monitoring. Standards for flue gas emissions, leachate treatment, and other indicators must meet EU-equivalent levels.

　　(二)监管与监督机制

　　为确保政策落地，新政明确了多部门的监管职责：

　　环境保护与环境管理部门：负责监督垃圾处理过程中的环保措施执行情况、环评报告落实情况，定期评估项目对周边环境的影响;

　　能源部门：监督项目电力生产、并网及电价执行情况，确保发电量统计准确、电费结算及时;

　　内政部门：监督地方政府履行土地供应、垃圾供应等义务，对地方政府违约行为进行协调与追责;

　　国有企业管理部门：监督国有资本在项目中的投资、合作与履约情况。

　　各部门需通过OSS系统共享监管数据，形成全流程监管闭环，同时要求项目开发商定期提交垃圾处理报告与企业经营报告，确保项目运营透明可追溯。

　　2.2.Regulatory and Oversight Mechanisms

　　To ensure policy implementation, the new regulation clearly defines the supervisory responsibilities of multiple government agencies:

　　· Ministry of Environment and Forestry: Responsible for supervising the implementation of environmental protection measures during waste treatment and the fulfillment of environmental impact assessment (Amdal) requirements, and regularly assessing the project's impact on the surrounding environment.

　　· Ministry of Energy: Supervises power generation, grid connection, and tariff implementation to ensure accurate power generation statistics and timely electricity fee settlements.

　　· Ministry of Home Affairs: Oversees local governments' fulfillment of obligations such as land and waste supply, and coordinates with and holds accountable local governments for breaches of contract.

　　· Ministry of State-Owned Enterprises: Supervises the investment, cooperation, and performance of state-owned capital in the projects.

　　All agencies are required to share regulatory data through the OSS system to form a full-cycle regulatory closed loop. Meanwhile, project developers are mandated to submit regular waste management reports and business operation reports to ensure transparent and traceable project operations.

　　参考文献

　　[1]《2025年第109号总统条例》

　　[2]《2025年第28号政府条例-附件》

　　[3]《2025年第5号印尼投资协调委员会条例》

　　[4]《2025年第28号政府条例》

　　[5]《2009年第32号环境保护法》