PANGARSO, Suksmo Satriyo and Aminata, Jaka and Utama, Nuki Agya (2023) BANKABILITY DUE DILIGENCE SCORE CARD UNTUK PEMBANGKIT LISTRIK TENAGA MINIHIDRO (PLTM) DI INDONESIA. Masters thesis, UNIVERSITAS DIPONEGORO.

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Abstract

Kementerian Energi dan Sumberdaya Mineral mencatat bahwa sampai dengan Bulan Juli 2020, ada 24 Perjanjian Jual Beli Tenaga Listrik (PJB) yang masih dalam proses financial close atau belum mendapatkan kepastian pembiayaan dari 83 PJBL yang ditandatangani selama kurun waktu 2017-2020. Sebagian besar PJBL yang belum mendapatkan kepastian pembiayaan tersebut adalah Pembangkit Listrik Tenaga Minihidro (PLTM).
Penelitian ini bertujuan untuk mencari variabel-variabel yang dianggap penting dalam penentuan bankability suatu proyek PLTM menurut lembaga keuangan. Variabel-variabel tersebut diperoleh dari studi literatur dan 5 narasumber yang berpengalaman dalam bidang teknik, lingkungan, sosial, regulasi dan keuangan. Variabel-variabel hasil kompilasi tersebut dijadikan bahan jajak pendapat (kuesioner) pada 17 responden yang mempunyai latar belakang pekerjaan sebagai account officer, business analyst dan risk management dari beberapa lembaga keuangan.
Hasil kuesioner diolah dengan menggunakan Metode Relative Important Index (RII) untuk mendapatkan tingkat keseringan dan Metode Fuzzy Analitycal Hierarchy Process (FAHP) untuk mendapatkan informasi seberapa penting suatu variabel sehingga bisa menyebabkan kegagalan suatu proyek PLTM. Perkalian antara tingkat keseringan (frequency) yang dihasilkan dari pengolahan data menggunakan Metode RII dan tingkat keparahan (severity) yang dihasilkan dari Metode FAHP memberikan informasi tentang bobot/tingkat risiko masing-masing variabel.
Hasil pengolahan data menggunakan Metode RII dan FAHP menunjukkan bahwa cash flow, EBITDA, DER, agunan dan modal/equity yang dimiliki menjadi 5 variabel yang memperoleh rangking tertinggi untuk diperhatikan dalam proses bankability due diligence suatu proyek PLTM. Bobot/tingkat risiko masing-masing variabel dijadikan dasar sebagai bobot penilaian pada score card dalam uji tuntas (due diligence) untuk menilai bankababilty pada 3 sampel PLTM.
Kesimpulan dari penelitian ini adalah bahwa hasil penelitian sangat dipengaruhi oleh profil responden yang mempunyai latar belakang profesi sebagai account officer, business analyst atau risk nanagement pada lembaga keuangan, sehingga menghasilkan 5 variabel aspek keuangan yang memperoleh rangking tertinggi untuk diperhatikan dalam proses bankability due diligence suatu proyek PLTM. Hal tersebut menunjukkan kemampuan PLTM dalam membayar kembali pinjaman (capacity) menjadi hal yang sangat menentukan bankability suatu proyek PLTM di Indonesia.
Kata kunci: bankability, due diligence, financial close, minihidro, PLTM, score card

The Ministry of Energy and Mineral Resources stated that as of July 2020, there were 24 Power Purchase Agreements (PPA) that were still in the process of financial close from 83 PPAs signed during the 2017-2020 period. Most of the PPAs that are Mini Hydro Power Plants (MHPP).
This study aims to find variables that are considered important in determining the bankability of a MHPP project according to financial institutions. These variables were compiled from a references and interview of 5 experts in the fields of engineering, environmental, social, regulation and finance. The variables were used as data (questionnaire) of 17 respondents who had work backgrounds as account officers, business analysts and risk management from several financial institutions.
The results of the questionnaire were processed using the Relative Important Index (RII) method to obtain the level of frequency and the Fuzzy Analitycal Hierarchy Process (FAHP) method to obtain information on how important a variable is so that it can cause the failure of a PLTM project. The multiplication between the frequency resulting from data processing using the RII method and the severity resulting from the FAHP method provides information about the weight/risk level of each variable.
The results of data processing using the RII and FAHP methods show that cash flow, EBITDA, DER, collateral and capital/equity are the 5 variables that get the highest ranking to be considered in the bankability due diligence process of a PLTM project. The weight/risk level of each variable is used as the basis for the weight of the rating on the score card in due diligence to assess the bankability of the 3 samples of PLTM.
The conclusion from this study is that the research results are strongly influenced by the profiles of respondents who have professional backgrounds as account officers, business analysts or risk management in financial institutions. The 5 variables related financial aspects that obtain the highest ranking to be considered in the bankability due diligence process show that the ability to repay loans (capacity) is a very important factor in determining the bankability of a MHPP project in Indonesia.
Keywords: bankability, due diligence, financial close, minihydro, score card

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