Keppel, ADB, EnterpriseSG ink $1.048b energy transition deal for APAC

It also covers environmental sustainability projects in the region.

Keppel has announced the signing of an $1.048b (U$800m) memorandum of understanding (MOU) with the Asian Development Bank (ADB), and Enterprise Singapore (EnterpriseSG) for energy transition, environmental sustainability, and blended finance opportunities in Asia and the Pacific region.

“These energy and environmental projects are expected to contribute towards building the pipeline of high-quality, proprietary infrastructure assets for Keppel’s private funds and listed business trust,” Keppel said in a statement.

“The cooperation on blended finance, which explores potential uses of concessionary financing, will further improve bankability, support development outcomes, and help mobilise private investment for the projects,” it added.

Through the collaboration, Keppel aims to develop and operate projects that focus on decarbonisation, renewable energy, electric mobility, green buildings, water treatment, and waste-to-energy. These projects aim to reduce carbon emissions by at least 1 million tonnes annually.

EnterpriseSG, meanwhile, will help Keppel find partners, navigate regulations, and access funding for projects in over 35 countries.

The parties will initially look into opportunities in Southeast Asia to support this cooperation with climate financing solutions, targeting a total project value in excess of $1.048b (U$800m) over the period of 2025 to 2030.

The MOU was signed by Cindy Lim, CEO of Keppel’s Infrastructure Division, Bhargav Dasgupta, vice president for Market Solutions of ADB, and Cindy Khoo, managing director of EnterpriseSG.

Keppel does not expect the collaboration to have any material impact on its earnings per share and net tangible assets per share in the current financial year.

U$1 = S$1.31