Salim Takes Sole Ownership of IndoData with 500 MW of Power Secured

Indonesian conglomerate Salim Group has bought out Singapore’s Keppel Data Centres from their seven-year-old joint venture, taking sole ownership of a digital infrastructure platform that holds up to 500 MW of power secured under contract with state utility PT PLN.

The transaction, which closed late last year, ended the two groups’ 60:40 partnership. Financial terms of the buyout were not disclosed, though. Alongside the ownership shift, the platform, now rebranded as IndoData Center, said it delivered an additional 6 MW of IT capacity to an existing hyperscale customer.  

Power Has Become the Scarce Asset

The 500 MW contracted with PLN represents power secured for future development, not active operational capacity. This distinction matters because access to electricity increasingly dictates the deployment speed of hyperscale and AI infrastructure globally.

A more relevant comparison emerges when tallied with other operators’ secured power. BDx Data Centers said in June that its Indonesian portfolio had reached 1.2 GW of secured power, the largest commitment by any data centre operator in the country. DayOne signed a 511 MVA agreement with PLN Batam in April, equivalent to roughly 450 MW of grid capacity.

IndoData’s current operating capacity remains undisclosed, making direct comparisons difficult. The first phase was scoped at 4.5 MW in 2020, became operational in 2021 and Keppel later described it as about 5 MW. IndoData also disclosed on August 25 that it had completed and delivered another 6 MW of IT load for an existing hyperscale customer.

The Partnership Evolution

Salim and Singapore-listed Keppel first tied up in 2018 to develop a data centre campus in Bogor. Keppel initially planned the project in three phases. By December 2020, it described IndoKeppel Data Centre (IKDC) 1 as a seven-hectare campus with 4.5 MW of IT load in the first phase and land and power available to scale beyond 40 MW. Construction started in 2020, the first phase became operational during 2021, and Keppel put its capacity at about 5 MW when it announced availability in August 2022.

The original transaction structure was more layered than the operating venture alone. Keppel’s 2018 disclosure said IKDC 1 would be developed and operated through the 60:40 Salim-Keppel joint venture, while the facility and its underlying three-hectare land plot were held separately through another 60:40 vehicle between Salim and the Alpha Data Centre Fund, managed by Keppel’s asset management arm, Alpha Investment Partners. Keppel-linked entities, therefore, participated in both legs of the structure.

The August announcement names only Keppel Data Centres’ ownership interest, leaving the fate of the fund’s holding in the property vehicle unstated.

Salim’s Other Platforms

IndoData is not Salim’s only exposure to Indonesian data centres. Anthoni Salim held about 11% of listed operator DCI Indonesia as of March 31, 2026, and a Salim entity, PT Datacenter Indonesia Sukses Makmur (DISM), is DCI’s partner on the H2 campus at Karawang, around 60 km from Bogor.

DCI currently puts the campus at 30 MW of total IT load across two facilities, on an 86-hectare site, with potential to scale to at least 600 MW.

For Salim, the strategic value lies in sole control over IndoData’s future pipeline, not its existing built capacity. That gives the group a wholly owned expansion platform alongside its existing links to DCI Indonesia’s larger ecosystem.  

Structural Realignment, Not Sector Retreat

The transaction reflects a structural realignment for both groups and not a sector retreat by Keppel. Keppel continues to pursue a “powerbank” strategy across the Asia-Pacific region. In January, the Singapore group secured rights to a site near Melbourne with up to 720 MW of gross power capacity, increasing its Asia-Pacific powerbank from more than 300 MW to over 1 GW.

Keppel has not quantified any impact from the sale to Salim. Its connectivity segment’s net profit rose 54% YoY to S$77 Mn in the first half of 2026, and the group manages 39 data centres with more than 800 MW of gross power capacity across Asia-Pacific and Europe.

Keppel’s broader corporate playbook focusses on pre-securing land, power, water and fibre to shorten development lead times ahead of customer demand.

For Salim, the transaction offers infrastructure optionality. Converting 500 MW of secured power into revenue-producing infrastructure will require construction capital, execution and hyperscale tenant commitments. Still, Salim enters this expansion phase with the sector’s most critical input already reserved.

The commercial test ahead is how rapidly the conglomerate can turn that power position into contracted, operating capacity.