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target -$7.30 (-0.42cts away from its all time high of $7.72 inclusive of coming $0.15 dividend)
https://links.sgx.com/FileOpen/20230614_...nouncement&FileID=762428
MEDIA RELEASE
Keppel grows Energy-as-a-Service business in Thailand
Keppel secures new EaaS contracts and signs MOUs with partners, and breaks ground for
the district cooling plant for the iconic Sam Yan Smart City in the heart of Bangkok
Thailand, 14 June 2023 – Keppel has, through its joint venture1 with Decarb Corporation
Company Limited (Decarb), secured two contracts to provide Energy-as-a-Service (EaaS) for
Centara Watergate and Watergate Pavilion, a hotel and a shopping mall, located in the vicinity
of Sam Yan Smart City in Bangkok.
Under the contracts, Keppel will design and retrofit the buildings’ existing chilled water systems
to improve their energy efficiency and asset performance. More than 23% in cost savings are
expected over the projects’ life cycles of 20 years. The projects are expected to be completed
by 2024 and will have a combined design capacity of 1,350 Refrigeration Tonnes (RT). The
projects are expected to reduce over 18,000 tonnes of carbon emissions over the 20-year
period, which is equivalent to the carbon abatement of planting 12,500 trees.
It is envisaged that Keppel will own and operate the systems throughout the contract period,
through a long-term supply and service subscription. This EaaS subscription model is the first
of its kind in Thailand, which aims to provide fast go-to-market and customer-centric energy
efficiency solutions, and marks a significant milestone as Keppel continues to expand its
cooling and EaaS portfolio regionally.
In addition, two Memorandums of Understanding (MOUs) were signed to implement EaaS,
which include cooling, solar photovoltaic systems and electric vehicle charging. The first MOU
was entered into by Keppel, Decarb and Thai Hospitality Management Company Limited, and
the second MOU was entered into by Keppel, Decarb and Thai Bonnet Trading Zone Company
Limited. The proposed projects under the two MOUs are expected to commence in 2024, will
have a combined design capacity of more than 4,000 RT and are expected to reduce over
58,000 tonnes of carbon emissions over 20 years, which is equivalent to the carbon abatement
of 40,000 trees.
On the same day of the signings, Keppel and the joint venture partners, Thai renewable energy
company BCPG Public Company Limited (BCPG) and Thai engineering consultancy TEAM
Consulting Engineering and Management Public Company Limited (TEAM Group)2, held the
ground-breaking ceremony for the District Cooling System (DCS) plant serving the iconic Sam
Yan Smart City in Bangkok. The DCS plant, with a project value more than THB 7.5 billion
(S$329 million) will be implemented in phases to serve the Sam Yan Smart City master
development. The DCS plant will have a projected cooling load of 18,000 RT to serve the
cooling needs of eight developments, covering office, retail and residential properties. Under
the project, Keppel will lead the operations and maintenance of the DCS plant for 20 years
following the plant’s completion to deliver energy efficient and reliable chilled water from the