Three partnership MOUs were signed in presence of Mr Piyush Goyal, Minister of Commerce and Industry, Government of India.

Keppel Ltd., through its Infrastructure Division (Keppel), has signed a series of three Memoranda of Understanding (MOUs) with esteemed partners at the 29^th Confederation of Indian Industry (CII) Partnership Summit 2024 in New Delhi, India, aimed at helping to advance India’s energy transition and sustainable development. The CII is a key platform organised by India’s Ministry of Commerce and Industry for fostering the country’s global engagement and international partnerships to enable the co-creation of sustainable and inclusive growth strategies.

Keppel, together with its strategic partners, aims to drive innovation for decarbonising urban infrastructure and the built environment, provide differentiated solutions for rising demands in electro-mobility and electric-waste (e-waste) management and capture the burgeoning opportunities for more sustainable electricity and cooling in commercial and industrial sectors. Keppel will leverage its capabilities in Cooling-as-a-Service (CaaS) as well as integrated clean energy and resource circularity solutions to support India’s national initiatives to reach net-zero including the India Cooling Action Plan (ICAP), among others.

Strategic Collaboration Areas

Electro-mobility: Keppel and India’s JBM Group, a world-leading manufacturer of electric vehicles (EVs), EV aggregates and key auto systems, will jointly develop projects focused on electro-mobility, Battery Energy Storage Systems (BESS) and e-waste solutions. The partners will also conduct feasibility studies and development for EV charging networks, electromobility hubs and resource recovery facilities, with the aim of driving a system-wide electrification of transport infrastructure.

Energy-as-a-Service: Keppel, together with Tata Power’s subsidiaries Tata Power Renewable Energy Limited and Tata Power Trading Company Ltd., will collaborate to provide integrative Energy-as-a-Service solutions, including renewables and cooling solutions, focusing on decarbonising India’s energy-intensive sectors spanning data centres, industrial parks, and advanced manufacturing industries. The partnership will offer state-of-the-art solutions by leveraging Tata Power’s robust portfolio of renewable energy assets and trading expertise and Keppel’s end-to-end energy management capabilities. These solutions will integrate cutting-edge AI and IoT technologies to enhance energy efficiency and significantly reduce carbon emissions.

Built environment solutions: Keppel and Johnson Controls, a global leader for smart, healthy and sustainable buildings, will deploy leading-edge cooling systems that incorporate high-efficiency chillers, IoT-based monitoring and AI-powered predictive controls to optimise energy use and reduce the operational costs of buildings. The partners will design and deliver end-to-end smart building and space management solutions with real-time data analytics and demand-response mechanisms that can help to enhance system performance, operational efficiency as well as health and safety.

Mr Piyush Goyal, Minister of Commerce and Industry, Government of India, said, “India and Singapore share a long-standing and robust partnership that was recently elevated to a Comprehensive Strategic Partnership (CSP) during Prime Minister Narendra Modi's visit to Singapore in September 2024. This significant step enhances collaboration in sustainability, advanced manufacturing, digital technology and green energy.

“At the 29th CII Partnership Summit, I am pleased to witness landmark agreements between Keppel and leading Indian corporations. These collaborations align with India's priorities, including the energy transition and the India Cooling Action Plan, fostering innovation and paving the way for economic growth and a sustainable future for both nations. This augurs well as our countries celebrate the 60 years of diplomatic relations in 2025.”

Ms Cindy Lim, CEO of Keppel’s Infrastructure Division, who was also a guest speaker at the CII, said, “India's electricity demand is rapidly rising on the back of its growing economy, urbanisation and electrification. Through forging partnerships with leading partners like JBM Group, Tata Power and Johnson Controls, Keppel is uniquely positioned to participate in and contribute meaningfully towards India’s sustainable development. We look forward to working with our esteemed partners to deliver differentiated and impactful decarbonisation and sustainability solutions to help meet the net-zero commitments of both India and our customers.”

The latest MOUs build on Keppel’s growing clean energy and sustainability initiatives in India. In October 2024, Keppel secured its first CaaS contract in India from Nucleus Office Parks, an operating platform fully-owned by Blackstone offices in India. Keppel had also signed an MOU with AM Green, a wholly-owned subsidiary of Hyderabad-based Greenko Group, to explore opportunities in carbon-free sustainable fuels.

Keppel does not expect the aforementioned MOUs to have any material impact on its earnings per share or net tangible assets per share for the current financial year.

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