Keppel Ltd., through its Infrastructure Division, is broadening its Energy-as-a-Service (EaaS) presence in Thailand. The company has signed a Joint Venture Agreement (JVA) with Combined Heat and Power Producing Co., Ltd. (CHPP), a subsidiary of Global Power Synergy Public Company Limited (GPSC), and a Business Collaboration Agreement (BCA) with GPSC.
Under the JVA, Keppel will partner with CHPP to offer comprehensive EaaS solutions in the cooling sector, including design, installation, operation, maintenance, and optimization of chilled water systems. CHPP will hold a 51% stake in the joint venture, while Keppel will retain 49%.
The BCA with GPSC will focus on expanding sustainable energy solutions in Thailand, leveraging both companies’ expertise and networks. This includes developing electric vehicle charging infrastructure in Thailand and Singapore and advancing the ASEAN Power Grid, with Thailand as a key transit point.
Cindy Lim, CEO of Keppel’s Infrastructure Division, commented, “We are excited to extend our EaaS footprint in Thailand, driven by the country’s Energy Efficiency Plan 2018-2037, which aims to reduce energy intensity by 30% by 2037. This plan creates significant opportunities for our EaaS solutions.”
GPSC’s CEO, Worawat Pitayasiri, added, “This partnership with Keppel is a major step in our mission to provide reliable, sustainable energy solutions, supporting Thailand’s green energy transition.”
Separately, Keppel will upgrade the chilled water system at Siam Mandarina Hotel near Suvarnabhumi Airport. The retrofit is expected to improve energy efficiency and save over 20% in running costs over 20 years. The project, set for completion by 2025, will integrate with Keppel’s Operations Nerve Centre in Singapore, utilizing AI and machine learning for advanced performance optimization.
Siam Mandarina Group’s Managing Director, Nattawut Arunanondchai, noted, “Our commitment to sustainability is demonstrated through this partnership with Keppel, which will set a new standard for energy conservation in Thailand’s hospitality sector.”
Keppel’s cooling-as-a-service capacity in Thailand, including the Samyan Smart City district cooling project, is anticipated to grow by over 50% to exceed 35,000 refrigeration tonnes (RT) by 2025.
These developments are not expected to materially impact Keppel’s net tangible asset per share or earnings per share for the current financial year. Keppel Ltd. (SGX: BN4) is a global asset manager and operator specializing in sustainability-related solutions in infrastructure, real estate, and connectivity, with operations in over 20 countries.
