TBS lines up S$555 million investment for waste-management expansion
HPS Investment Partners, part of BlackRock, will provide funding in stages to support growth and acquisitions across Asia.
Indonesia’s PT TBS Energi Utama Tbk (TOBA) says an investment of S$555 million from HPS Investment Partners will support the expansion of its Asian waste-management business. HPS is part of BlackRock, and the funding is intended for organic growth as well as acquisitions.
TBS said the investment would be phased, involving new preference shares issued to its subsidiary SBTH Asia Holdings Pte. Ltd. and other instruments. The company has made regional waste-management expansion a priority; in October 2025, it said Danantara’s Indonesian waste-to-electricity projects were not a priority.
The group’s operations include Singapore-based Cora Environment and medical-waste specialist Asia Medical Enviro Services. In Indonesia, its PT Arah Environmental Indonesia manages medical, industrial and household waste across 15 provinces. The three businesses together collected about 760,000 tonnes of waste during the first half of 2026.
Cora, formerly known as Sembcorp Environment and SembWaste, serves more than 470,000 households and businesses in Singapore. Its activities include waste collection, sorting and recycling, with a material recovery facility supporting those services.
Cora also runs a Singapore plant with annual waste-treatment capacity of about 360,000 tonnes. Rather than producing electricity, it uses heat from waste incineration to make high-pressure steam, supplying about 1.2 million tonnes a year to industrial customers on Jurong Island.
