Singapore (Commonwealth) _ The Asian Development Bank (ADB) and Enterprise Singapore (EnterpriseSG) have established a memorandum of understanding (MOU) with KEPPEL to investigate US$800 million in energy-transition and environmental sustainability prospects in the Asia-Pacific region.
The asset management stated on Tuesday, August 20, that these projects are anticipated to be a part of the pipeline of infrastructure assets for Keppel: BN4 -0.65%’s listed company trust and private funds.
These initiatives, which include electric transportation, renewable energy, green buildings, and decarbonization of power generation, will be developed and run by Keppel. Together, they may reduce CO2 emissions by at least a million tonnes annually, according to the mainboard-listed business.
Additionally, the organizations will work together on blended finance, which is the blending of public and private funding and may involve concessionary financing. This will assist “mobilize private investment for the projects, support development outcomes, and further improve bankability,” according to Keppel.
With an initial focus on South-east Asia, the firms aim to investigate potential and reach a project value of US$800 million between 2025 and 2030.
Cindy Khoo, managing director of EnterpriseSG, Bhargav Dasgupta, vice-president for market solutions at ADB, and Cindy Lim, chief executive officer of Keppel’s infrastructure division, all signed the memorandum of understanding. The ADB’s Manila offices hosted the signing.
According to Lim, Keppel is able to raise outside funding from its partners and provides technical know-how and solutions for significant sustainable infrastructure projects.
The alliance is in a unique position to “drive impactful change and help the region achieve green growth,” she continued, thanks to ADB’s concessionary financing, its experience in regional cooperation, EnterpriseSG’s deal-matching skills, and its market access capabilities.
According to Khoo of EnterpriseSG, cooperation between the public and commercial sectors is essential to expedite the development and large-scale implementation of climate tech solutions.
We are thrilled to be involved in this initiative and anticipate helping additional domestically based multinational corporations, such as Keppel, expand their international reach while promoting sustainable development in the area,” the spokesperson stated.
In addition, on August 16, Keppel inked a Memorandum of Understanding (MOU) with ACEN and GenZero to investigate the creation and application of transition credits, with the aim of expediting the retirement of a coal-fired power plant in the Philippines.
The development research covered by this MOU will look into switching from coal to renewable energy sources and substituting a solar power plant and battery storage for the plant’s output. Keppel’s stock ended Tuesday’s trading session at S$6.11, up S$0.11, or 1.8%.
The alliance is in a unique position to “drive impactful change and help the region achieve green growth,” she added, thanks to ADB’s concessionary financing, EnterpriseSG’s deal-matching and market access capabilities, and their combined expertise in regional cooperation and ADB.
The headquarters of Singaporean business Keppel Limited, formerly known as Keppel Corporation (or Keppel Corp), are located in Keppel Bay Tower, HarbourFront. The corporation is made up of multiple connected companies that are experts in asset management, infrastructure, and real estate.
The business was first established in 1968 as Keppel Shipyard at Tanjong Pagar’s Keppel Harbour. Later, it moved its operations to Jurong, where it concentrated on marine and offshore projects. Prior to its sale to Semibcorp Marine on February 28, 2023, Keppel Offshore & Marine was the largest oil rig manufacturer in the world. The second-most sustainable and varied real estate developer in the world is Keppel Land.
Keppel privatized its offshore and marine operations and sold off its banking and financial services division in 2001. in 2002 to establish the Keppel Offshore & Marine group, along with Keppel FELS and Keppel Singmarine.
A $89 million secured floating production storage and offloading conversion project was awarded to Keppel Shipyard in 2015. The project consists of upgrades, modifications, and repairs. The FPSO Conversion project is already underway and scheduled for completion in the third quarter of 2016.
For their services to the business ties between China and Singapore, they were honored with the 2015 Business China Enterprise Award.
For $3.34 billion, Sembcorp Marine successfully acquired Keppel Corporation’s Offshore & Marine segment on February 28, 2023.The name change of Sembcorp Marine to Seatrium was subsequently authorized by the company’s shareholders on April 27, 2023.
The corporation formally changed its name to Keppel Ltd. on January 1, 2024.
