Keppel Ltd., through its Infrastructure Division (Keppel), and Siemens Energy Global Gmbh Co Kg (Siemens Energy) have signed a Memorandum of Understanding (MOU) to explore innovative, efficient and reliable power generation solutions in Singapore, which will support the nation’s transition towards low-carbon energy systems. The MOU was signed during Singapore International Energy Week (SIEW), organised by the Energy Market Authority of Singapore (EMA).

Witnessed by Ms Gan Siow Huang, Minister of State for Ministry of Foreign Affairs and Ministry of Trade and Industry of Singapore and Ms Ebba Busch, Deputy Prime Minister and Minister for Energy, Business and Industry of Sweden.  In attendance were Ms Cindy Lim, Chief Executive Officer, Infrastructure, Keppel and Mr Karim Amin, Member of the Executive Board of Siemens Energy AG.

Earlier this month, a Keppel-led consortium was appointed by EMA and the Maritime and Port Authority of Singapore to conduct a front-end engineering and design (FEED) study for the development of a low- or zero-carbon ammonia solution on Jurong Island, Singapore for power generation and bunkering. If implemented, this could be among the world’s first utility scale direct-ammonia combustion power plants—and Singapore’s first—setting a new benchmark for clean fuel solutions and global decarbonisation.

As part of its collaboration with Siemens Energy, Keppel intends to work with the former to advance the development of state-of-the-art, commercial-scale facility that uses ammonia as fuel, as well as other low-carbon fuels, such as bio-LNG and hydrogen, for low-carbon energy-efficient power generation.

Ms Cindy Lim, CEO of Keppel Ltd’s Infrastructure Division, said, “With the surging demand for computing power driven by AI, we see a tremendous need for dispatchable, low-carbon generation solutions that ensure energy resilience and sustainability, not just in Singapore, but globally. This partnership between Keppel and Siemens Energy underscores our shared commitment to innovate and create breakthroughs to address the complexities of delivering and using emerging clean fuels, including ammonia, bio-LNG, and hydrogen, to enable efficient, reliable, and commercially viable low-carbon power systems.

“These innovations, such as ammonia-fuel-ready power plants, will not only support Singapore’s energy transition but also advance global decarbonisation, particularly for critical, high-load applications, like AI data centres, advanced manufacturing, and grid-firming solutions, that complement the intermittent renewables.”

Mr Karim Amin, Member of the Executive Board of Siemens Energy AG, said, “We value our partnership with Keppel and share a clear commitment to advancing low-carbon power generation in Singapore. By combining our expertise, we aim to deliver solutions that support Singapore’s energy transition and set a strong example for the region.”

As a major energy player in Singapore, Keppel is growing its networks and collaborations with other international partners for cleaner energy solutions and exploring new energy vectors to help advance the energy transition. Keppel is also the developer and operator of Singapore’s first hydrogen-compatible power plant and the first cross-border low-carbon power importer, leveraging the Laos-Thailand-Malaysia-Singapore Power Integration Project.

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

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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 Siemens Energy

Siemens Energy is one of the world’s leading energy technology companies. The company works with its customers and partners on energy systems for the future, thus supporting the transition to a more sustainable world. With its portfolio of products, solutions and services, Siemens Energy covers almost the entire energy value chain – from power and heat generation and transmission to storage. The portfolio includes conventional and renewable energy technology, such as gas and steam turbines, hybrid power plants operated with hydrogen, and power generators and transformers. Its wind power subsidiary Siemens Gamesa makes Siemens Energy a global market leader for renewable energies. An estimated one-sixth of the electricity generated worldwide is based on technologies from Siemens Energy. Siemens Energy employs around 102,000 people worldwide in more than 90 countries and generated revenue of €34.5 billion in fiscal year 2024.