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All Journal RESWARA: Jurnal Riset Ilmu Teknik
Ahmad Zakaria
Civil Engineering Study Program, Faculty of Engineering, Universitas Lampung, Indonesia
Aerospace Engineering Automotive Engineering Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Control & Systems Engineering Electrical & Electronics Engineering Industrial & Manufacturing Engineering Mechanical Engineering Transportation

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Study on the Implementation of the Hybrid Annuity Model Financing Scheme in Drinking Water Supply Systems (SPAM) in Indonesia Klara Nala Rita; Ahmad Zakaria; Ahmad Herison; Ofik Taufik Purwadi; Yuda Romdania
RESWARA: Jurnal Riset Ilmu Teknik Vol. 4 No. 3 (2026): RESWARA: Jurnal Riset Ilmu Teknik, July 2026
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/reswara.v4i3.559

Abstract

This study examines the implementation of the Hybrid Annuity Model (HAM) financing scheme in the Public-Private Partnership (PPP) project of the Lombok Regional Water Supply System (SPAM) in West Nusa Tenggara. The project service area covers Mataram, West Lombok Regency, and North Lombok Regency with a 20-year concession period. This research employed a quantitative approach using descriptive analysis and discounted cash flow-based financial modelling to evaluate the financial feasibility and sensitivity of the HAM scheme. The study utilized secondary data obtained from pre-feasibility study documents, SPAM technical and operational data, macroeconomic data, and infrastructure financing regulations. Financial feasibility  assessed by Net Present Value (NPV), Internal Rate of Return (IRR), Debt Service Coverage Ratio (DSCR), and Payback Period (PBP). The results point out that both the unsupported PPP scheme and the HAM scheme are financially feasible. The PPP scheme generated a higher NPV of IDR 132.673 billion and a faster payback period compared to the HAM scheme, which produced an NPV of IDR 55.527 billion. However, the HAM scheme demonstrated a stronger DSCR value of 1.5. Sensitivity analysis revealed that the project is highly sensitive to revenue reductions and increases in investment and operational costs.
Co-Authors Ahmad Herison Klara Nala Rita Ofik Taufik Purwadi Yuda Romdania