Indonesia-listed integrated energy company TBS Energi Utama has secured an investment of up to S$555 million ($434.34 million) from funds and accounts managed by HPS Investment Partners, which is part of BlackRock, to expand its waste management business across Asia.
The investment will be made through newly issued preference shares in SBTH Asia Holdings, the holding company of TBS’ waste management platform, and other instruments. The proceeds will be deployed in multiple tranches to support the business’s expansion, TBS said in a statement on Wednesday.
SBTH houses TBS’ waste management businesses, including Cora Environment in Singapore, Asia Medical Enviro Services, which handles medical waste in Singapore, and PT Arah Environmental Indonesia, which operates across 15 provinces in Indonesia.
Cora provides waste management, recycling and waste-to-energy services to more than 470,000 households and businesses in Singapore. The three businesses cumulatively collected around 760,000 tonnes of waste in the six months ended June 30, 2026, according to TBS.
DealStreetAsia reported in June that TBS was seeking around $150 million for its waste management business Cora Environment. The latest announcement confirms that the company has secured an investor for the platform, although the structure and disclosed size of the investment differ from the amount reported earlier.
“We welcome HPS as a valuable partner in this growth journey, while retaining control of our waste management business, as we continue to grow the business both organically and through acquisitions,” TBS president director and chief executive Dicky Yordan said in the statement.
“Our waste management platform has made significant progress and is now the main driver of TBS’ business,” Yordan said.
The transaction is subject to approval by TBS shareholders at an extraordinary general meeting.
The investment comes as TBS shifts its portfolio away from coal towards sustainable infrastructure, with waste management becoming a key contributor to its business.
The transaction remains subject to shareholder approval. Rippledot Capital acted as financial adviser to TBS, while Allen & Gledhill served as legal counsel.
