Financial Feasibility of Public Electric Vehicle Charging Infrastructure Investment in West Java, Indonesia..

Abstract

The rapid growth of electric vehicles (EVs) in Indonesia has created urgent demand for public charging
infrastructure. This study analyzes the investment feasibility of Public Electric Vehicle Charging Stations (SPKLU)
in West Java by PT Citra Niaga Abadi (CNA) through a comprehensive comparative evaluation of six machine
alternatives from three manufacturers (Starvo, Voltron, and Terra), each in AC and DC configurations. Financial
analysis employing Net Present Value (NPV), Internal Rate of Return (IRR), Payback Period (PP), and Profitability
Index (PI) across a 10-year horizon with a 12% discount rate demonstrates that all six alternatives are financially
feasible. The Voltron 30DC (DC 30 kW) emerges as the optimal choice with the highest IRR of 71.15%, the fastest
Payback Period of 2.28 years, the highest PI of 4.85, and a positive NPV of Rp 1,216,779,478. West Java’s EV
population is projected to grow from 52,000 units in 2025 to 333,306 units by 2030, creating a massive infrastructure
gap that represents a compelling business opportunity. The revenue-sharing partnership model is recommended
for market entry, with a phased deployment roadmap targeting 30 SPKLU units across Bandung Raya, Bekasi,
Depok, and Bogor by Year 5.