KEPPEL has inked a memorandum of understanding with Asian Development Bank (ADB) and Enterprise Singapore (EnterpriseSG) to explore US$800 million worth of energy transition and environmental sustainability opportunities in the Asia-Pacific.
These projects are expected to be a part of the pipeline of infrastructure assets for Keppel’s private funds and listed business trust, the asset manager said on Tuesday (Aug 20).
Keppel will develop and operate these projects, which include decarbonisation of power generation, renewable energy, electric mobility and green buildings. Collectively, they may abate the equivalent of at least one million tonnes of CO2 per year, the mainboard-listed company said.
The organisations will also cooperate on blended finance, which explores potential uses of concessionary financing. This will “further improve bankability, support development outcomes and help mobilise private investment for the projects”, Keppel said.
The companies will initially explore opportunities in South-east Asia, targeting a total project value of US$800 million between 2025 and 2030.
Cindy Lim, CEO of Keppel’s infrastructure division, said Keppel offers technical expertise and solutions for large-scale sustainable infrastructure projects, and is also able to mobilise external capital from partners.
Together with ADB’s concessionary financing and regional cooperation expertise, as well as EnterpriseSG’s deal-matching and market access capabilities, the partnership is in a unique position to “drive impactful change and help the region achieve green growth”, she added.
Cindy Khoo, managing director of EnterpriseSG, said collaboration between the public and private sectors will be crucial in accelerating the development and deployment of climate tech solutions at scale.
Shares of Keppel closed S$0.04 or 0.7 per cent higher at S$6 on Monday.
