Keppel has partnered with Perennial Holdings Private Limited to design, retrofit, manage, and operate the existing cooling and heating systems at two of Perennial Holdings’ flagship developments in Chengdu, Sichuan Province, for a period of 10 years. This collaboration follows the successful long-term implementation of Energy-as-a-Service (EaaS) solutions at Perennial Business City in Singapore and opens the door for further cooperation across Perennial’s portfolio in China.
The first development, Perennial Qingyang Mall, is a prime suburban mall located near Chengdu’s Guanghua Business District, with a total gross floor area of approximately 1.5 million square feet. The mall features over 250 tenants, including lifestyle and department stores, a hypermarket, and a cinema.
The second development is the Perennial International Healthcare and Medical Hub Chengdu (PIHMH Chengdu), a comprehensive, healthcare-centric transit-oriented development encompassing over 3.1 million square feet of gross floor area and directly connected to the Chengdu East High-Speed Railway Station. PIHMH Chengdu includes a range of medical and healthcare-related tenants, such as SuperiorMed Perennial Hospital, Perennial International Specialist Medical Centre, a brain hospital, a plastic surgery hospital, an imaging and diagnostic centre, as well as food and beverage and retail outlets.
Both developments will be retrofitted to deliver high-efficiency and reliable energy systems, with a combined cooling capacity of over 11,000 refrigerant tonnes.
Keppel’s EaaS solutions for these developments are projected to achieve more than 20% in energy savings over the contract duration and collectively reduce carbon dioxide equivalent emissions by over 1,500 tonnes annually—equivalent to planting 150,000 new trees. The upgrade works for both projects are expected to be completed by the end of 2024.
Mr. Poh Tiong Keng, Executive Director of EaaS at Keppel’s Infrastructure Division, stated, “We are excited to expand our partnership with Perennial Holdings by introducing Keppel’s innovative EaaS solutions to China at these two Chengdu properties. As a trusted provider of sustainability solutions, we look forward to deepening our partnerships in emerging markets and supporting our customers with smarter and more efficient energy management solutions.”
In 2021, Keppel collaborated with Perennial Holdings to implement pioneering EaaS solutions at Perennial Business City in Singapore. This project included the installation of super-efficient chiller systems and photovoltaic solar panels, providing long-term carbon-neutral electricity and setting up smart electric vehicle charging stations.
Ms. Tan Boon Pheng, Chief Sustainability Officer and Head of Design Management at Perennial Holdings, remarked, “We are pleased to extend our green partnership with Keppel to Perennial Qingyang Mall and PIHMH Chengdu, following the successful implementation of climate-resilient energy solutions at Perennial Business City in Singapore. Our collaboration with Keppel, a leader in energy solutions, reaffirms Perennial Holdings’ commitment to sustainability and aligns with our roadmap towards a more sustainable future for our tenants, customers, and the community.”
An integral part of the EaaS subscription includes remote monitoring and real-time performance optimization from Keppel’s smart Operations Nerve Centre at Keppel Infrastructure@Changi in Singapore, utilizing artificial intelligence and machine learning.
This partnership is not expected to materially impact the net tangible assets per share or earnings per share of Keppel and Perennial for the current financial year.
