ABSTRAKInvestasi pada Sistem Penyediaan Air Minum (SPAM) meliputi kegiatan Upstream (unit air baku dan unit produksi) dan Downstream (unit distribusi dan unit pelayanan) memerlukan investasi yang besar sehingga membutuhkan analisis dan pertimbangan yang mendalam. Keterbatasan dana membuat pemerintah mendorong swasta untuk berinvestasi. Pemulihan investasi dan perolehan laba bagi investor terkait erat dengan tarif, serapan pasar dan dukungan pemerintah terhadap biaya konstruksi. Simulasi tarif, serapan pasar dan dukungan pemerintah terhadap biaya konstruksi menghasilkan variasi nilai Net Present Value (NPV). Variasi nilai NPV berfungsi dalam memberikan tawaran dan rekomendasi yang komunikatif bagi pemerintah dan swasta dalam memutuskan investasi dan tarif pembangunan infrastruktur upstream dan downstream SPAM Pekanbaru.Kata kunci : SPAM, upstream, downstream, investasi, tarif, NPV, serapan pasar, dukungan pemerintah.ABSTRACTInvestment in drinking water suplly system management (SPAM) includes upstream (water intake unit and production unit) and downstream (distribution unit and service unit) require substansial investment requiring deepanalysis and deliberation. Funding constraints prompted the goverment to encourage the private sector to invest. Recovery of investment and profitability for investor is closely related to tarrifs, market uptake and goverment support for construction costs. Tarrif simulation, market uptake and goverment support for construction costs result in variations Net Present Value (NPV). The variation of NPV serves to provides communicative offers and recomendations for private and goverments. In deciding investment and tarrifs on upstream and downstream SPAM Pekanbaru infrastructure development.Keywords : SPAM, upstream, downstream, investment, tarrif, market demand, govermentsupport.