Pefindo: PT PLN Nusantara Renewables (PLN NR) rated idA+ with stable outlook

(February 18, 2026)--The corporate rating reflects PLN NR’s strong likelihood of support from Perusahaan Listrik Negara (Persero) (PLN, idAAA/Stable), a strong profile of its strategic partners, and the government’s commitment to expand renewable energy. The rating is constrained by its execution risks in its joint venture companies, limited cash flow from operations, and limited access to external funding.

We may raise the rating if PLN NR’s joint venture companies are able to generate significantly stronger cash flow than projected and distribute a higher dividend to the Company. The rating may also be raised if PLN NR successfully develops more joint venture companies and increases its installed capacity, which will strengthen its market position among other renewable energy players. The rating may be lowered if there is a strong indication of weakening support from PLN, or if the Company becomes more aggressive in financing its projects by incurring a higher level of debt than projected. We may also revisit our rating if the project in PLN NR fails to obtain the permits needed to continue its construction process. The project is still included in our projection as it is currently still in process to appeal for re-audit.

PLN NR is part of PLN group, which focuses on developing renewable energy. Currently, the Company has four joint venture companies in the operational phase and three companies under construction. As of November 30, 2025, PLN NR was owned by PT PLN Nusantara Power (PLN NP, 99.9997%) and Yayasan Kesejahteraan PT PLN Nusantara Power (0.0003%). (ends)