Keppel^[1] has entered into a partnership with Perennial Holdings Private Limited (“Perennial Holdings”)^[2], where Keppel will design, retrofit, manage and operate the existing cooling and heating systems of two of Perennial Holdings’ flagship developments in Chengdu, Sichuan Province for a period of 10 years. This partnership comes on the back of the successful long-term Energy-as-a-Service (EaaS) implementation in Perennial Business City in Singapore and paves the way for further collaboration across Perennial’s portfolio in China.

The first development, Perennial Qingyang Mall, is a prime suburban mall adjacent to Chengdu’s Guanghua Business District, which spans a total gross floor area (“GFA”) of about 1.5 million square feet (“sq ft”). The mall hosts more than 250 tenants, including lifestyle and department stores, a hypermarket and a cinema.

The second development is Perennial International Healthcare and Medical Hub Chengdu (“PIHMH Chengdu”), a one-stop regional healthcare-centric transit-oriented development with over 3.1 million sq ft of GFA, and is directly connected to the Chengdu East High Speed Railway Station. PIHMH Chengdu features a holistic suite of medical and healthcare-related tenants, including SuperiorMed Perennial Hospital, Perennial International Specialist Medical Centre, brain hospital, plastic surgery hospital and imaging and diagnostic centre, as well as food and beverage and retail tenants.

Both developments will be retrofitted to provide high efficiency and reliable energy systems, with a combined cooling capacity under management of more than 11,000 refrigerant tonnes.

Keppel’s EaaS solutions at the developments are expected to achieve more than 20% in energy savings over their contract periods and collectively abate more than 1,500 tonnes of carbon dioxide equivalent annually, which is equivalent to planting 150,000 new trees. The upgrading works for both developments are expected to be completed by the end of 2024.

Mr Poh Tiong Keng, Executive Director, EaaS, of Keppel’s Infrastructure Division, said, “We are pleased to build on our winning partnership with Perennial Holdings as we introduce Keppel’s innovative EaaS solutions to China at two of Perennial Holdings’ Chengdu properties. As a trusted provider of innovative sustainability solutions, we look forward to growing our partnerships with our customers in emerging markets, and support them with smarter and more efficient energy management solutions wherever they operate.”

In 2021, Keppel partnered Perennial Holdings to implement first-of-its-kind EaaS solutions at Perennial Business City in Singapore. The project included the installation and operation of super-efficient chiller systems and photovoltaic solar panels, offering long-term carbon-neutral electricity, as well as the setting up of smart electric vehicle charging stations.

Ms Tan Boon Pheng, Chief Sustainability Officer and Head, Design Management and Chief Sustainability Officer of Perennial Holdings, said, “We are pleased to extend our green partnership with Keppel to Perennial Qingyang Mall and Perennial International Healthcare and Medical Hub in Chengdu, following the successful implementation of a suite of climate resilient energy solutions at Perennial Business City in Singapore. The collaboration with Keppel, an established leader with a full suite of energy solutions, further affirms Perennial Holdings’ commitment to sustainability and aligns with our road map towards a more sustainable future for our tenants, customers and community.”

An integral part of the EaaS subscription includes the remote monitoring and performance optimisation in real-time from Keppel’s smart Operations Nerve Centre at Keppel Infrastructure@Changi in Singapore, which leverages artificial intelligence and machine learning.

The abovementioned partnership is not expected to have any material impact on the net tangible asset per share or earnings per share of Keppel and Perennial for the current financial year.

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^[1] Through Keppel’s subsidiary, Keppel EaaS

^[2] Through Perennial Holdings’ subsidiaries

About Keppel

Keppel Ltd. (SGX:BN4) is a global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity. Headquartered in Singapore, Keppel operates in more than 20 countries worldwide, providing critical infrastructure and services for renewables, clean energy, decarbonisation, sustainable urban renewal and digital connectivity. Keppel creates value for investors and stakeholders through its quality investment platforms and diverse asset portfolios, including private funds and listed real estate and business trusts

About Perennial Holdings Private Limited

Perennial Holdings Private Limited (“Perennial Holdings”) is an integrated real estate and healthcare company headquartered in Singapore. As a real estate owner, developer and manager, Perennial Holdings focuses strategically on large-scale transit-oriented developments and has a presence in China, Singapore, Malaysia and Indonesia with a portfolio spanning approximately 80 million square feet in total gross floor area. As a healthcare services owner, operator and manager, Perennial Holdings focuses on hospitals and medical centres, healthcare hubs, and eldercare and senior housing. In China, it has a presence across 13 cities with about 22,000 beds, comprising over 13,000 operational beds and about 9,000 beds in the pipeline. In Singapore, it will operate the country’s first private assisted living development with over 300 beds. Perennial Holdings’ network of healthcare facilities includes general, rehabilitation and specialist hospitals, as well as assisted living apartments, eldercare and nursing homes, and its integrated eldercare services comprise medical, nursing, rehabilitation, dementia and home care.