Sovereign Green Sukuk Potential for Green Infrastructure Financing: A Geothermal Power Plant Case Study

Fahira, Nabilla Salsa (2021) Sovereign Green Sukuk Potential for Green Infrastructure Financing: A Geothermal Power Plant Case Study. Skripsi thesis, Politeknik Keuangan Negara STAN.

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Abstract

Penelitian ini bertujuan untuk menganalisis kelayakan Green Sukuk Indonesia sebagai pembiayaan infrastruktur hijau. Penelitian ini mengevaluasi kelayakan dari aspek keuangan dan hukum. Oleh karena itu, metodologi yang digunakan adalah metode campuran kualitatif dan kuantitatif dengan studi kasus sebagai strategi penelitian. Objek studi kasus adalah PLTP Muara Laboh yang dimodifikasi menjadi skala kecil. Aspek hukum ditelaah dengan kajian literatur peraturan dan wawancara dengan para ahli, kemudian diolah melalui pengkodean tematik. Aspek keuangan diuji dengan menggunakan kriteria keputusan investasi, analisis sensitivitas, dan simulasi Monte Carlo. Analisis hukum menunjukkan bahwa proyek dapat dibiayai dengan Green Sukuk sesuai dengan PP 56/2011 dan Green Sukuk Framewrok, dan dengan memperhatikan asumsi dan persyaratan tertentu. Analisis finansial juga menunjukkan nilai NPV dan IRR yang optimis, serta sensitivitas terhadap biaya pembangunan pembangkit listrik. Kesimpulannya, Green Sukuk berpotensi untuk membiayai pembangkit listrik tenaga panas bumi skala kecil. Penelitian ini juga menyarankan pemrakarsa proyek untuk memastikan kesiapan proyek, mempertimbangkan Kerja Sama Operasional BLU, atau menggunakan skema pembiayaan campuran. / This study aims to analyze the feasibility of Indonesia’s sovereign Green Sukuk as a financing strategy for green infrastructure. The research evaluates the feasibility from the financial and legal aspects. Therefore, the methodology employed is mixed-method with a case study as the research strategy. The case study object is Muara Laboh geothermal power plant modified into a small-scale. The legal aspect is explored by a literature review of regulations and interviews with experts, then processed through thematic coding. The financial aspect is examined using investment decision criteria, Sensitivity Analysis, and Monte Carlo Simulation of the project’s financial model. The legal analysis indicates that it is possible for the project to be financed with Green Sukuk conforming with PP 56/2011 and Green Sukuk Framework, with certain assumptions and requirements. The financial analysis also shows optimistic NPV and IRR value and sensitivity on the cost of power plant construction. In conclusion, Green Sukuk is the potential to finance a small-scale geothermal power plant. The research also suggests project proponents ensure project readiness, consider BLU’s Kerja Sama Operasional, or using a blended-financing scheme.

Item Type: Thesis (Skripsi)
Uncontrolled Keywords: Green Sukuk, small-scale geothermal power plant, financial feasibility, project-financing sukuk, Green Sukuk, PLTP skala kecil, kelayakan finansial, project-financing sukuk.
Subjects: 600 – Technology (Applied Sciences) > 650-659 Management and Auciliary Service > 658 General Management > 658.15 Financial Management
PKN STAN Subject Area > Manajemen Keuangan
Divisions: 62301 Diploma IV Akuntansi
Depositing User: MR V 001
Date Deposited: 12 May 2023 08:04
Last Modified: 12 May 2023 08:04
URI: http://eprints.pknstan.ac.id/id/eprint/1387

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