Study of Refinancing Scheme on Toll Road Infrastructure (Case Study: Gempol-Pandaan Toll Road)

Abstract

PT. Jasamarga Pandaan Tol (JPT) is a toll road operator that officially operates the Gempol-Pandaan section located in East Java. JPT made adjustments to the concession scheme through a business plan addendum in March 2015, wherein in this model the financing process involves the use of shareholder loan funds. The profit generated by this business plan model is considered to have a high level of sensitivity during the loan tenor and has the potential for default to creditors. To avoid this, it is necessary to compare other alternative financing methods such as Refinancing and Infrastructure Investment Fund (IIF). The method used is financial feasibility analysis by taking into account the value of NPV, B / C, PP, IRR, WACC, and ROI as parameters. Based on the results of the financial feasibility analysis, the refinancing model provides better PP and ROI parameter values than the business plan model.