Kencana Energy

What Kencana Energy does

Kencana Energy (legal name: PT Kencana Energi Lestari, Tbk; ticker: KEEN on the Indonesia Stock Exchange) is an Indonesian independent power producer (IPP) operating a portfolio of renewable energy generation assets. The company was founded in 2008 and went public on the Indonesia Stock Exchange on September 2, 2019. It operates six power plants spanning hydroelectric (PLTA Pakkat at 18 MW in Sumatera Utara; PLTA Air Putih at 21 MW in Bengkulu), mini-hydro (PLTM Madong at 10 MW in Toraja Utara, Sulawesi Selatan), and biomass (PLTBm Tempilang 2 at 5 MW in Kepulauan Bangka Belitung), totaling 65 MW of installed capacity. Three additional projects are under development, including mini-hydro PLTM Ordi Hulu, solar PLTS Tempilang, and PLTM Salu Noling, with disclosed pipeline projects at PLTA Kalaena (75 MW), PLTA Salu Uro (90 MW), and PLTA Pakkat 2 (35 MW).

The company monetizes output exclusively through long-term Power Purchase Agreements (PPAs) with PLN (Perusahaan Listrik Negara), Indonesia's state-owned electricity company, under four active contracts totaling 54 MW contracted capacity held by operating subsidiaries PT Energi Sakti Sentosa, PT Bangun Tirta Lestari, PT Nagata Dinamika Hidro Madong, and PT Biomassa Energi Jaya. Revenue is therefore a contracted, capacity- and generation-based recurring stream tied to Indonesian renewable energy targets (23% by 2028, 31% by 2050). In February 2022, TEPCO (Tokyo Electric Power Company) acquired a 25% strategic stake, bringing international utility validation and capital partnership. The company reported 2020 revenue of approximately US$ 25.3 million with net profit of US$ 8.63 million (136.9% YoY net profit growth) on 204.8 GWh of electricity production (97% YoY growth).

Kencana Energy is headquartered at Kencana Tower in West Jakarta and is led by a founder-controlled governance structure: Henry Maknawi serves as Direktur Utama (President Director), Wilson Maknawi as Wakil Direktur Utama (Vice President Director), and Albert Maknawi as Komisaris Utama (President Commissioner), supported by independent commissioners and a finance director. The strategic agenda centers on scaling installed capacity from 65 MW to a stated 250 MW by 2025 and 500 MW medium-term, requiring approximately US$ 500 million in capital, financed through a mix of project debt (e.g., Bank Mandiri's US$ 40 million facility to PT Bangun Tirta Lestari), public equity market access, and strategic partner capital. The company has also signaled first international expansion through a US$ 100 million LOI with the Government of the Philippines signed September 5, 2022, and holds a Sustainable Fitch ESG rating of '2' as of 2025.

Name

Kencana Energy

Legal name

PT Kencana Energi Lestari, Tbk

Website

https://kencanaenergy.com

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Kencana Energy (PT Kencana Energi Lestari, Tbk; ticker KEEN) is an Indonesian renewable-energy independent power producer selling all generated electricity to state-owned PLN under long-term Power Purchase Agreements, operating six hydro, mini-hydro, and biomass plants totaling 65 MW with a target of 250 MW by 2025.

Ownership category

akta.pro rank

Product category

Renewable Energy Generation

NAICS

Hydroelectric Power Generation (221111), Electric Power Generation (22111), Biomass Electric Power Generation (221117), Solar Electric Power Generation (221114)

SIC

Electric Services (4911)

akta.pro primary industry

Hydropower EPC & Construction (Civil Works, Electromechanical) (EUACAEAF)

akta.pro secondary industries

Hydropower Turbines, Generators & Balance-of-Plant Equipment Manufacturing (EUAMAHAF), Hydropower Balance-of-Plant & Electrical Systems (Transformers, Switchgear, Protection) (EUAMADAD), Hydro Balance-of-Plant EPC (Penstocks, Gates, Intake/Outfall, Auxiliaries) (EUAEADAH)

Keywords

• Renewable energy generation
• Hydroelectric power
• Biomass power generation
• Independent power producer
• Solar power generation

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Technology or R&D, Personnel, Others

Revenue model

1. Electricity Sales to PLN: Revenue generated through long-term Power Purchase Agreements (PPAs) with PT Perusahaan Listrik Negara (PLN), Indonesia's state-owned electricity company. The company operates as an Independent Power Producer (IPP) selling generated electricity from its renewable energy portfolio.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Kencana Energy (PT Kencana Energi Lestari, Tbk) is an Indonesian Independent Power Producer (IPP) that develops, owns, and operates renewable energy power plants — hydroelectric, mini-hydro, biomass, and solar — across Indonesia. The company sells all generated electricity to PLN (Perusahaan Listrik Negara), Indonesia's state-owned electricity utility, under long-term Power Purchase Agreements (PPAs), with an installed capacity of 65 MW across six operating facilities.

Product overview

Kencana Energy (PT Kencana Energi Lestari, Tbk) is a renewable energy power generation company operating a portfolio of hydroelectric, mini-hydro, biomass, and solar power plants across Indonesia. The company operates six active power generation facilities: PLTA Pakkat (18 MW hydro) via PT Energy Sakti Sentosa, PLTA Air Putih (21 MW hydro) via PT Bangun Tirta Lestari, PLTM Madong (10 MW mini-hydro) via PT Nagata Dinamika Hidro Madong, and PLTBm Tempilang (5 MW biomass) via PT Biomassa Energi Jaya. Additionally, the company is developing PLTM Ordi Hulu (hydro) through PT Sumatera Energi Lestari and PLTS Tempilang (solar) through PT Kencana Energi Matahari. Future expansion plans include projects in Sulawesi and Sumatera regions. All power generation is sold under Power Purchase Agreements (PPAs) with PLN (Perusahaan Listrik Negara), Indonesia's state-owned electricity company.

Differentiator

Problem solved

Functional benefit

Products and services

• PLTA Pakkat Operational hydroelectric power plant (Pembangkit Listrik Tenaga Air) with 18 MW capacity located in Sumatera Utara, operated by subsidiary PT Energy Sakti Sentosa (ESS). Electricity sold to PLN under a Power Purchase Agreement.
• PLTA Air Putih Operational hydroelectric power plant with 21 MW capacity located in Bengkulu, operated by subsidiary PT Bangun Tirta Lestari (BTL). Began full commercial operations in January 2020. Electricity sold to PLN under a Power Purchase Agreement.
• PLTM Madong Operational mini-hydroelectric power plant (Pembangkit Listrik Tenaga Mini Hidro) with 10 MW capacity located in Toraja Utara, Sulawesi Selatan, operated by subsidiary PT Nagata Dinamika Hidro Madong. Electricity sold to PLN under a Power Purchase Agreement.
• PLTBm Tempilang 2 Operational biomass power plant (Pembangkit Listrik Tenaga Biomassa) with 5 MW capacity located in Kepulauan Bangka Belitung, operated by subsidiary PT Biomassa Energi Jaya. Electricity sold to PLN under a Power Purchase Agreement.
• PLTM Ordi Hulu Mini-hydroelectric power plant (PLTMH) under development in Pakpak Bharat, Sumatera Utara, operated through subsidiary PT Sumatera Energi Lestari.
• PLTS Tempilang Solar power plant (Pembangkit Listrik Tenaga Surya) under development in Bangka Barat, Kepulauan Bangka Belitung, operated through subsidiary PT Kencana Energi Matahari.

Quantifiable outcome

• 6 power plants operational with 65 MW total capacity
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered minor and core.

• Government of PhilippinesminorStrategic or Co-development Partner · 5 September 2022Kencana Energy signed a Letter of Intent (LOI) with the Government of the Philippines worth US$ 100 million for potential renewable energy cooperation and project development.
• PLN (Perusahaan Listrik Negara)coreStrategic or Co-development PartnerPLN is the sole offtaker for all electricity generated by Kencana Energy through Power Purchase Agreements. The company has four active PPAs with PLN for various power plants totaling 54 MW contracted capacity.

Scale indicators16 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Enel Green Power: Global renewable IPP within the Enel group with hydro, wind, solar, and geothermal generation. Comparable as a multi-technology renewable IPP with diversified geographies, though materially larger in scale.
• Brookfield Renewable Partners: Yieldco-style global renewable IPP with hydro, wind, and solar assets across the Americas, Europe, and Asia. Comparable as a long-duration contracted renewable IPP, though at significantly larger scale and broader geographic diversification.
• EDP Renováveis: Global renewable IPP majority-owned by EDP with wind and solar capacity across multiple continents. Comparable as a publicly listed pure-play renewable IPP executing a multi-GW growth strategy.

Direct peers

• BKW AG: Swiss utility/IPP with significant small-hydro and renewables generation across Europe. Comparable as a hydro-led IPP with diversified renewable mix and grid-scale operations.
• Scatec ASA: Norwegian renewable IPP focused on solar, wind, and storage in emerging markets. Comparable as a publicly listed small-to-mid cap renewable developer in emerging geographies with PPAs as its core revenue mechanism.
• ERG S.p.A. Italian renewable IPP with a hydro-heavy generation portfolio selling into regulated power markets. Comparable as a hydro-focused IPP with long-term contracted revenues and an explicit capacity growth strategy into wind and solar.
• Voltalia: French renewable IPP operating wind, solar, hydro, and biomass plants. Comparable as a diversified-technology renewable IPP with a similar mid-cap scale and multi-technology footprint.
• Pertamina Geothermal Energy: Indonesian geothermal IPP majority-owned by Pertamina, also selling electricity to PLN under long-term PPAs. Comparable as a domestically listed renewable IPP with a single state-owned offtaker and aggressive capacity expansion plans.
• Star Energy Geothermal: Indonesian geothermal IPP operating multiple plants under PLN PPAs. Closely comparable in business model (renewable IPP, PLN offtaker) and Indonesian regulatory environment, though focused on geothermal rather than hydro/biomass/solar.
• Geo Dipa Energi: Indonesian state-affiliated geothermal IPP selling electricity to PLN under PPAs. Directly comparable as an Indonesian renewable IPP with a single state-owned offtaker and a small-to-mid scale operating portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/embed/f-BcitVO02o?rel=0&autoplay=1&fs=1
• LinkedInlinkedin.com/company/pt-kencana-energi-lestari-tbk

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kencana Energy