Solo Kertosono Toll Road
When commencing operation, Solo - Kertosono Toll Road, known as Soker Toll Road, will be the longest toll road in Indonesia. Soloâ€"Kertosono Toll Road is the 1st Public-Private Partnership project in Indonesia's infrastructure. The PPP scheme has been used because, for the investor to fully finance the project, its financial internal rate of return on capital is low, at only 12 per cent, and the capital payback period, seen from the perspective of toll road business, will be very long because it is hampered by the people’s ability to pay the toll fees. In terms of financing, the completion of Soker Toll Road requires project costs to the tune of almost Rp 11 trillion, or more precisely Rp 10.98 trillion. These costs cover the cost of land acquisition amounting to Rp 1.85 trillion, the cost of construction undertaken by the government amounting to Rp 3.55 trillion, and the cost of construction by the investors amounting to Rp 5.57 trillion.Soker Toll Road itself will pass through eight regions, namely Boyolali Regency, Karanganyar Regency, Solo City, Sragen Regency in Central Java Province, and Ngawi, Madiun, Nganjuk and Jombang Regency in East Java Province.
For the land acquisition administrative purpose, Soker Toll Road is divided into 4 sections, namely Solman I and Solman II in Central Java Province, and Manker I and Manker II in East Java Province. In July 2012, the land acquisition of the each section is about 65 percent. Although all of land acquisitions aren't yet finished, the road construction for section-1 has been commenced.
There are many different versions of data about Soker Toll Road. However, according to Brawijaya, Ph.D, the project manager for its construction and also the former project officer of Soker Toll Road during design stage, the actual length of Soker Toll Road is longer than the information provided by many.
Thus, the total construction cost should be tuned by the government is Rp 3.55 trillion, and the total cost should be provided by the investor is Rp 5.57 trillion. The cost of land acquisition has increased from Rp 1.85 trillion to Rp 2.2 trillion. In terms of its feasibility, Soker Toll Road has Financial IRR 17,5%, and Economic IRR 22%.
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