ANALISIS DUKUNGAN PEMERINTAH DALAM SKEMA KPBU TERHADAP KELAYAKAN PT JALAN TOL KALIMANTAN

Tyas Pramoda Wardhani, Prof. Wakhid Slamet Ciptono, MBA, M.P.U., MPM, Ph.D

2026 | Tesis | S2 MANAJEMEN (MM) JAKARTA

Infrastruktur jalan tol memiliki peran penting dalam mendukung pertumbuhan ekonomi dan konektivitas wilayah, khususnya di Pulau Kalimantan. Namun, proyek jalan tol memiliki karakteristik padat modal, berjangka panjang, dan berisiko tinggi sehingga membutuhkan dukungan kuat dari Pemerintah, baik dalam aspek regulasi, finansial, maupun kebijakan. Penelitian ini membahas faktor-faktor yang mempengaruhi kelayakan keberlanjutan Jalan Tol Kalimantan serta pengaruh dukungan Pemerintah dalam skema Kerja Sama Pemerintah dan Badan Usaha (KPBU) terhadap kelayakan finansial PT Jalan Tol Kalimantan sebagai Badan Usaha Jalan Tol (BUJT).

Penelitian dilatarbelakangi berdasarkan realisasi volume lalu lintas yang belum mencapai target sesuai Perjanjian Pengusahaan Jalan Tol (PPJT) sehingga menyebabkan menurunnya kelayakan finansial Jalan Tol Kalimantan. Hingga tahun 2025, realisasi volume lalu lintas harian rerata hanya mencapai sekitar 55?ri proyeksi awal. Kondisi ini berdampak pada penurunan pendapatan tol, menurunnya tingkat Internal Rate of Return (IRR), meningkatnya kebutuhan dukungan pemegang saham, serta munculnya risiko keberlanjutan usaha.

Penelitian bertujuan mengidentifikasi faktor-faktor yang mempengaruhi kelayakan jalan tol dan menganalisis bentuk dukungan Pemerintah yang dapat meningkatkan keberlanjutan finansial proyek. Penelitian menggunakan pendekatan narrative interpretative qualitative yang didukung descriptive quantitative. Data diperoleh melalui wawancara, dokumen perusahaan, regulasi, dan literatur terkait untuk dilakukan gap analysis, uji sensitivitas, dan uji skenario.

Hasil penelitian menunjukkan bahwa dukungan Pemerintah telah berjalan pada aspek teknis dan operasional, seperti akuisisi lahan, seleksi pemegang konsesi, pengawasan proyek, dan komunikasi dengan Badan Usaha. Namun, masih terdapat kelemahan pada aspek dukungan Pemerintah yang tepat, simplifikasi birokrasi, stabilitas ekonomi, dan stabilitas politik. Uji sensitivitas menunjukkan bahwa pertumbuhan volume lalu lintas dan kenaikan tarif tol berdasarkan inflasi menjadi faktor paling mempengaruhi kelayakan proyek. Uji skenario menunjukkan bahwa kompensasi tunai merupakan dukungan yang paling tepat dibandingkan dengan Minimum Revenue Guarantee (MRG), dan fasilitas pinjaman serta mampu meningkatkan kelayakan finansial dan keberlanjutan proyek jalan tol KPBU.

 

Kata kunci: KPBU, jalan tol, kelayakan investasi, dukungan Pemerintah

Toll road infrastructure plays an important role in supporting economic growth and regional connectivity, particularly on the island of Kalimantan. However, toll road projects are characterized as capital-intensive, long-term, and high-risk investments, requiring strong Government support in terms of regulations, financial assistance, and policy frameworks. This study discusses the factors affecting the sustainability feasibility of the Kalimantan Toll Road and examines the influence of Government support within the Public-Private Partnership (PPP) scheme on the financial feasibility of PT Jalan Tol Kalimantan as a Toll Road Business Entity (BUJT).

This research is motivated by the realization of traffic volumes that have not achieved the targets stipulated in the Toll Road Concession Agreement (PPJT), resulting in the declining financial feasibility of the Kalimantan Toll Road. As of 2025, the average daily traffic realization has only reached approximately 55% of the initial projection. This condition has led to reduced toll revenue, declining Internal Rate of Return (IRR), increased shareholder support requirements, and the emergence of business sustainability risks.

The study aims to identify the factors influencing toll road feasibility and to analyze forms of Government support that can enhance the project’s financial sustainability. The research employs a narrative interpretative qualitative approach supported by descriptive quantitative analysis. Data were collected through interviews, company documents, regulations, and relevant literature, which were further analyzed using gap analysis, sensitivity analysis, and scenario analysis.

The results indicate that Government support has been implemented in technical and operational aspects, such as land acquisition, concession holder selection, project supervision, and communication with the business entity. However, weaknesses remain in terms of appropriate Government support, bureaucratic simplification, economic stability, and political stability. Sensitivity analysis shows that traffic volume growth and inflation-based toll tariff adjustments are the most influential factors affecting project feasibility. The scenario analysis indicates that cash compensation is the most appropriate form of government support compared with the Minimum Revenue Guarantee (MRG) scheme and loan facilities, as it is more effective in improving the financial feasibility and ensuring the sustainability of PPP toll road projects

 

Kata Kunci : Public-Private Partnership (PPP), toll road, investment feasibility, Government support. KPBU, jalan tol, kelayakan investasi, dukungan Pemerintah