Main Article Content
Abstract
In Indonesia, the cement industry plays an important for the development of infrastructure, as this industry keeps expanding along with infrastructure development projects and urban areas. This study analyzes the financing strategy for on-grid solar PV installation with a case study of PT Cibinong Bangun Sarana by using financial feasibility analysis, sensitivity analysis, capital budgeting, and US Index. The results show that an international bank loan with a debt-to-equity ratio of 40%:60% is the most optimal financing strategy. This study provides strategic insights for cement companies in implementing sustainable energy solutions, reducing electricity costs, and improving operational efficiency.
Keywords
Article Details
References
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References
Andrea, E. P. (2015). Study on the impact of urbanization and rapid urban expansion in Java and
Jabodetabek megacity, Indonesia.
Badan Pusat Statistik. (2021). Construction in Figures 2021. Direktorat Statistik Industri, Jakarta.
Badan Pusat Statistik. (2023). Construction in Figures 2023. Direktorat Statistik Industri, Jakarta.
Bhandari, S. B. (2009). Discounted payback period-some extensions. Journal of Business and
Behavioral Sciences, 21(1), 28-38.
Brealey, R. A., Myers, S. C., & Allen, F. (2019). Principles of Corporate Finance. McGraw-Hill
Education.
CEIC Data. (2024). Indonesia bank lending rate. Retrieved from https://www.ceicdata.com/
Gatti, S. (2023). Project finance in theory and practice: Designing, structuring, and financing private
and public projects. Elsevier.
Gitman, L. J., & Zutter, C. J. (2015). Principles of Managerial Finance (14th ed.). Pearson Education
Limited.
GlobeNewswire. (2024). Indonesia Cement Industry Research Report 2024-2033. Retrieved from
https://www.globenewswire.com/
International Energy Agency (IEA). (2021). Cement: Tracking Industry 2021. Retrieved from
Khan, M. F. K., & Parra, R. J. (2003). Financing large projects: Using project finance techniques and
practices. Pearson Prentice Hall.
Lam, P. T., & Law, A. O. (2018). Financing for renewable energy projects: A decision guide by
developmental stages with case studies. Renewable and Sustainable Energy Reviews, 90,
-944.
Ministry of Energy and Mineral Resources (ESDM). (2024). Harga Batubara Acuan. Retrieved from
https://www.minerba.esdm.go.id/hargaacuan
Ministry of Environment and Forestry. (2021). Indonesia’s Nationally Determined Contribution (NDC)
Report. Retrieved from https://www.menlhk.go.id/
Ordonez, J. A., Jakob, M., Steckel, J. C., & Fünfgeld, A. (2021). Coal, power and coal-powered politics
in Indonesia. Environmental Science & Policy, 123, 44–57. https://doi.org/10.1016/j.envsci.2021.05.007
PT Semen Indonesia (Persero) Tbk. (2023). Corporate Presentation: SMGR Presentation 2023 (June 30,
. Retrieved from https://www.sig.id/
Rana, J., Gutierrez, P. L., & Oldroyd, J. C. (2023). Quantitative methods. In Global Encyclopedia of
Public Administration, Public Policy, and Governance (pp. 11202-11207). Cham: Springer International Publishing.
Renewable Energy Indonesia. (2024). Kebijakan energi terbarukan. Retrieved January 10, 2025, from
Revo, M. (2024, March 28). Industri semen Indonesia overcapacity, warga RI wajib baca data ini.
CNBC Indonesia. Retrieved from https://www.cnbcindonesia.com/
Siahaan, U. M. (2020). The use of US' index theory to enhance quality of loan within banking industry
and financial institutions. In Proceedings of the Universitas Dhyana Pura Conference, Bali, November 13, 2020 (pp. 347-366). ISBN 978-602-53420-6-6.
Steffen, B. (2018). The importance of project finance for renewable energy projects. Energy Economics,
, 280-294.
Szabó, L., Hidalgo, I., Císcar, J. C., Soria, A., & Russ, P. (2003). Energy consumption and CO2
emissions from the world cement industry. European Commission Joint Research Centre, Report EUR, 20769.