February 22, 2026 | 10:10 am
TEMPO.CO, Jakarta - Kicking off the Year of the Fire Horse, PT Perusahaan Listrik Negara (Persero) (PLN) moved swiftly to raise funds in the global market. The state-owned electricity utility issued bonds totaling US$1.5 billion, or around Rp25.2 trillion (assuming an exchange rate of Rp16,800 per US dollar). Global law firm Clifford Chance acted as counsel for the bond issuance. “This transaction marks the company’s return to the US dollar bond market for the first time since 2020,” Clifford Chance Lead Partner Alan Yeung said in a written statement on Wednesday, February 4, 2026.
Clifford previously advised PLN when it launched a US$15 billion global medium-term note program in 2020. This time, the company issued two bonds. The first series amounted to US$500 million with a 4.75 percent coupon maturing in 2031, and the second totaled US$1 billion with a 5.45 percent coupon maturing in 2036. The proceeds will be used to accelerate electricity infrastructure development and non-coal power plants.
Darmadi Durianto, a member of the House of Representatives’ Commission VI overseeing state-owned enterprises, questioned the urgency of expansion financed by jumbo bond issuance. “The problem is that expansion (using debt funds) is being carried out amid PLN’s already very large obligations,” he said.
Darmadi noted that PLN is currently burdened with heavy debt. Based on its 2024 financial report, PLN’s total debt reached Rp711.2 trillion, up from Rp655 trillion in 2023. According to him, when expansion continues to rely on debt, financing risks will also rise. If financial discipline loosens, he fears the impact will not only weigh on PLN’s balance sheet but also spill over into future electricity tariff hikes and potential swelling of subsidies. “Energy transition is important, but financial sustainability is just as important,” he said.
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