Adaro, Indonesia’s coal giant, is seeking to refinance its debt.

Image: A woman holds an umbrella as she waits with her family to be evacuated by the rescue team on a bamboo raft in front of her flooded house in South Kalimantan, Indonesia. The flooding has been linked to massive land clearing for palm oil plantations and coal mining activities in South Kalimantan. © Putra / Greenpeace.

Adaro Energy (Adaro) is one of Indonesia’s coal giants with coal business in its DNA. Adaro operates the largest single-site coal mine in South Kalimantan under a Coal Cooperation Agreement with the Government of Indonesia. It controls around 31,379 hectares of land, the equivalent of 58,640 football fields.

Adaro has US$2 billion worth of debt due in 2021.

For its operational and capital expenditure, Adaro is supported by financial institutions that funded Adaro through lending or helped Adaro issue its bonds.

Adaro has a total of US$2 billion loans maturing in 2021 and has started seeking lenders to refinance its debt. In February 2021, Adaro has sent a request for proposals to refinance its debt up to US$400 million to its existing lenders.

Fill out the form on this page to tell Adaro’s current lenders that they must rule out further financing of Adaro.

Image: An aerial view of the Adaro coal mine in South Kalimantan, Indonesia. Adaro has 31,379 hectares of mining concession in South Kalimantan. Credit: JATAM – Indonesia Mining Advocacy Network

TAKE ACTION

Use the form to email Adaro’s current lenders*, asking them to stop funding Adaro.


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*Your message will be sent to ANZ, Bank Mandiri, CIMB, Citigroup, DBS, HSBC, ING, Maybank, Mitsubishi UFJ Financial Group (MUFG), OCBC, Standard Chartered, Sumitomo Mitsui Banking Corporation (SMBC) and UOB.

In April 23, 2021, a syndication of banks signed a US$ 400 million loan agreement for 5 years with Adaro Energy. The banks involved in this deal are:

  • Bank Rakyat Indonesia
  • Bank Negara Indonesia
  • Bank Danamon
  • HSBC
  • Qatar National Bank
  • United Overseas Bank
  • Bank Mandiri
  • Standard Chartered
  • Sumitomo Mitsui Banking Corp
  • Bank Permata
  • CIMB
  • Bank of China
  • Maybank
  • Citibank
  • Bank Rakyat Indonesia
  • Bank Negara Indonesia
  • Bank Danamon
  • HSBC
  • Qatar National Bank
  • United Overseas Bank
  • Bank Mandiri
  • Standard Chartered
  • Sumitomo Mitsui Banking Corp
  • Bank Permata
  • CIMB
  • Bank of China
  • Maybank
  • Citibank
List of Adaro's existing lenders
Loan maturity year and amount (US $ million)
Company20212022
OCBC Bank$347$27
Bank of Tokyo-Mitsubishi UFJ$316$0
DBS Bank$274$54
Sumitomo Mitsui Banking Corporation$232$27
Bank Mandiri$214$27
CIMB Group$180$0
HSBC$97$27
Australia and New Zealand Banking Group$83$27
Mizuho Financial Group$72$27
Citigroup$47$0
Standard Chartered Bank$45$0
ING Group$45$0
CTBC Bank$37$0
United Overseas Bank$36$27
Korea Development Bank$27$0
Maybank$20$0
Bank of China$0$27
Bank Permata Tbk PT$0$27
Bank CIMB Niaga Tbk PT$0$27
Qatar National Bank$0$27

Adaro has been linked to the massive flood in South Kalimantan.

In January 2021, South Kalimantan was affected by massive flooding that killed at least 21 people and displaced more than 110,000 people away from their homes. According to LAPAN (National Institute of Aeronautics and Space of Indonesia), up to 200,000 hectares of area in South Kalimantan was flooded.  Apart from the extreme rainfall, the floods have been linked with degraded land in the water catchment area. 

The mining operations have caused the loss of trees in the water catchment area. Trees are essential to retain water and prevent soil erosion that could result in heavy silting of rivers during rains.

Image: A family evacuate themselves using innertubes to float their child and valuables during the 2021 massive flood in South Kalimantan. Credit: WALHI South Kalimantan.

Adaro operates the largest single-site coal mine in South Kalimantan and is one of the mining companies that has caused the degradation of the Barito River catchment. Nine areas were flooded around Adaro’s concession. The Indonesian National Police is currently considering opening an investigation into whether mining activities caused the massive flood.

Take action! Fill out the form on this page to tell Adaro’s current lenders that they must rule out further financing of Adaro.

Adaro has no plans to align its business with the Paris climate agreement.

Despite the scientific warnings about the catastrophic impacts of coal to climate change, Adaro has no plans to demonstrate how it will phase out coal and diversify its business in a manner consistent with the Paris climate agreement efforts. In 2020, Adaro produced 54.53 Mt, and in 2021 it continues to focus on its coal business by setting a coal production target of 52 – 54 Mt.

In 2017, Adaro stated that it would diversify its business in the long term. However, based on its 2019 annual report, this does not seem to be happening. Adaro did not disclose a plan that demonstrates how the company will diversify its business and phase out coal. In 2019,  92% of Adaro’s revenue is from coal mining, 6% is from mining services, and the rest is from other business, including Adaro Power, which is involved in the controversial Batang coal-fired power plant in Indonesia. 

Take action! Fill out the form on this page to tell Adaro’s current lenders that they must rule out further financing of Adaro.

Adaro loans

List of Adaro loans since 2006
 Total aggregate debt (US$ million)Number of dealsYear of most recent deal
OCBC Bank$786182020
DBS Bank$776222020
Sumitomo Mitsui Banking Corporation$713202021
Bank of Tokyo-Mitsubishi UFJ$686182018
Bank Mandiri$540162021
United Overseas Bank$449182021
Standard Chartered Bank$434132021
Australia and New Zealand Banking Group$378142020
HSBC$322152021
CIMB Group$250102021
Mizuho Financial Group$163112020
ABN Amro$9332010
Citigroup$9382021
Malayan Banking Bhd$7512021
CTBC Bank$6262018
Bank of China$6142021
NordLB$5632010
Chinatrust Commercial Bank$5362013
Korea Development Bank$5252018
Bank Negara Indonesia PT$4912021
ING Group$4512014
Credit Agricole Group$4532011
Bangkok Bank$3732010
BNP Paribas$3512009
Bank Permata Tbk PT$3522021
Qatar National Bank$3522021
Indonesia Eximbank$3012008
Bank CIMB Niaga Tbk PT$2712020
Maybank$2012014
Commerzbank$1932010
Bank Resona Perdania$1512006
Export Development Canada$1512006
Bank Rakyat Indonesia$1512021
Bank Lippo$1432010
Societe Generale$1022011
Bank Danamon$812021

Adaro shareholders

List of the 20 largest shareholders in Adaro
 InvestorOwnership (%)Date
1PT Adaro Strategic Investments43.91%30-09-2020
2Thohir (Garibaldi)6.18%30-09-2020
3Soeryadjaya (Edwin)3.29%30-09-2020
4Rachmat (Theodore Permadi)2.54%30-09-2020
5The Vanguard Group, Inc.1.31%31-12-2020
6Dimensional Fund Advisors, L.P.1.11%31-12-2020
7BlackRock Institutional Trust Company, N.A.0.83%31-01-2021
8Subianto (Arini Saraswaty)0.25%30-09-2020
9Mirae Asset Global Investments (USA) LLC0.22%31-01-2021
10BlackRock Advisors (UK) Limited0.22%31-01-2021
11Goldman Sachs Asset Management (US)0.22%31-01-2021
12Northern Trust Investments, Inc.0.22%31-01-2021
13Pramerica SGR S.p.A.0.22%30-06-2020
14Geode Capital Management, L.L.C.0.22%31-01-2021
15PGGM Vermogensbeheer B.V.0.22%31-12-2019
16AQR Capital Management, LLC0.22%31-12-2020
17Van Eck Associates Corporation0.22%31-01-2021
18Goldman Sachs Asset Management International0.22%31-12-2020
19Caisse de Depot et Placement du Quebec0.22%31-12-2019
20Nuveen LLC0.22%31-12-2020

PLEASE NOTE: Information comes from the companies’ available annual reports and websites, Refinitiv Eikon, IJGlobal and various news reports.

Occasionally, where information is incomplete, assumptions must be made about data and these were made in a consistent manner and in good faith. Whilst we have endeavoured to gather and include all relevant deals, we cannot guarantee the completeness of the information presented.

LAST UPDATED: MAY 2021