Confidential Lender's Teaser — KEK Southwest Aceh, Indonesia

From Indonesian Captive Ore to European Clean Mobility.

Southeast Asia's first AI-Native Green Manufacturing Platform — an independent micro-grid steel complex with a co-located 100 MW green supercomputing center, deploying green steel as the first industrial payload of the Pan-Eurasian Green Steel Corridor.

DRI-EAF · Hydrogen-Ready 2.5 MTPA HRC 100 MW AI Compute · PUE ≤ 1.3 EU CBAM-Compliant Line

Equity CapEx (Lease Plan)

USD 0 M

vs. $2,323M buy-outright · −51% equity

Project IRR (Equity, Lease)

~0%

Payback 5.3 yrs · up to 28% / 4.6 yrs on gas strike

Upstream Offtake Framework

0.0 MTPA

MoU · Skyline Automotive Romania² · per-order contracts

Equity NPV @ 8%

+$0M

EBITDA / lease coverage 2.6× · CBAM-compliant green line¹

¹ CBAM compliance and the project's headline carbon-reduction performance refer to the Base B DRI-EAF green-steel HRC line; project-level intensity follows a disclosed decarbonization trajectory inclusive of Phase-1 bridge assets. ² Offtake is governed by a Memorandum of Understanding with Skyline Automotive Romania; individual shipments are contracted on a per-order basis and are not take-or-pay. All figures indicative — see disclaimer.

02 — Site Architecture

Two-Base, Staggered Deployment

A deliberate split that smooths capital intensity across time and engineers out the funding-gap valley that sinks single-site megaprojects. Base A generates cash from Month 12; that cash services Base B's construction-phase debt.

Base A · ABDYA Highland

The Liquidity Engine

Cash · M12

—

Adjacent to a captive mine with 150 MT IUP reserve. Houses a 5 MTPA beneficiation plant and 300 MW biomass–coal coupled generation.

—

A 2.3 MTPA Sponge Iron Production Line, structured as a Phase-1 bridge asset, enters Indonesia's 4 MTPA scrap-substitute deficit by Month 12.

—

Generates $13.4M average monthly operating net profit — the project's self-bootstrapping bridge, independently covering Base B's construction-period interest.

150 MT

IUP Reserve

5 MTPA

Beneficiation

300 MW

Generation

Base B · Coastal Hub

The Value Center

Surin Port

—

On the Surin Port export channel, set back 7 km behind a tsunami / seismic-liquefaction buffer.

—

Hydrogen-ready gas-based DRI + 2.5 MTPA EAF + thin-slab casting & rolling (TSCR) — first output: automotive-grade HRC.

—

Co-located 100 MW AI supercomputing center using steel waste-heat for cooling — PUE ≤ 1.3 — issuing a digital green passport per coil.

2.5 MTPA

EAF Steel

100 MW

AI Compute

≤ 1.3

PUE

BASE A cash ———▸ services BASE B debt

The staggered model converts a single capital-intensity spike into two financeable tranches, with operating cash from the bridge asset de-risking lender exposure throughout Base B build-out.

AGSC Aceh Green Steel Project blueprint: decarbonized steel production with hydrogen + DRI-EAF, 350 MW solar farm, 100 MW AI data center, integrated smart port, supplying European EV manufacturing

03 — Capital Discipline

A Subtract-Only Capital Framework

We decompose a rigid, monolithic fixed-asset base into a sequence of real options. Phase 1 is tendered in five packages, on demand. Asymmetric by design — the budget can only ever move down.

01 · Phased Tender

Five packages, on demand

Phase 1 is released in five EPC packages rather than a single monolithic commitment — capital is deployed only as each gate clears.

02 · Removable Option

A deductible energy line item

The most capital-intensive energy-feed package is carried as a removable real option, not a sunk cost — retained only until a lower-cost feed is confirmed.

03 · Captive-Gas Trigger

Upside re-rates the curve

A parallel appraisal of adjacent shallow-water gas is underway. Confirmation strikes the energy-feed CapEx entirely and moves the complex toward Tier-1 cost leadership.

Asymmetric by design — budget can only move down

Downside is bounded at the base case; the captive-gas option, if exercised, strikes a major CapEx package and lifts project IRR materially. Full real-option payoff analysis, package schedule and energy-feed economics are available in the lender's data room.

04 — Strategic Moat

A Regulatory & Geographic Moat

20 YR

Full Tax Holiday

Within a 5,000-hectare KEK Special Economic Zone — 20-year full corporate tax exemption.

40k DWT

Surin Port · Handymax

Bulk export via 40,000 DWT Handymax at the northern mouth of the Malacca Strait.

2.5 BN

Indian Ocean Reach

Direct radiation into the Indian Ocean's 2.5 billion-person import-substitution market.

Strategic Anchor · Lender Engagement

Request Full Lender's Data Room Access

Including the 36-Month Capital Liquidity Balance Sheet, EPC package schedule, and CBAM intensity dossier.

Request Data Room Access → Review Investment Case

PIF·DBS·BKPM·Confidential