PERKEMBANGAN JOINT VENTURE COMPANY DALAM PEMBANGUNAN INFRASTRUKTUR KETENAGALISTRIKAN

Abstract

Through the 35,000 MW Electricity Program, the Government opens the role of the private sector to be able to build electricity projects where the private portion through Independent Electricity Producers is 26,981 MW, and the rest is part of PT PLN (Persero). Independent Power Producer ("IPP") is basically a private business entity which is mostly the result of cooperation between 2 (two) companies that form a special purpose company (Special Purpose Company) to build, operate, sell electricity to PLN, then hand over all assets to PLN in accordance with the time period specified in the Agreement. In the electricity sector, a joint venture company is a combination of a subsidiary company of PT PLN (Persero) or its affiliates whose share ownership is at least 51% with a business entity that has strategic value for PT PLN (Persero), which can be in the form of a local business entity or a foreign business entity. The development of electricity infrastructure is currently dominated by the Independent Power Producer (IPP) project where the company is a joint venture company formation. Until now, there is no positive law in Indonesia that regulates this joint venture agreement or shareholder agreement. In practice, there is no obligation for the joint venture to report or submit the joint venture agreement to the government agencies related to the establishment of the joint venture. Accordingly, if the joint venture agreement is not provided for in positive law, it is likely that the agreement will be used by the controlling shareholder to further restrict minority rights.