Backlog of long-term contracted revenue for Keppel’s Infrastructure Division rose by S$1.1 billion to over S$7.1 billion

Keppel Ltd. (Keppel), through its Infrastructure Division, has secured about S$600 million in new contracts for proprietary technology, engineering solutions and operations & maintenance (O&M) services. These latest wins, comprising both brownfield and greenfield projects in Singapore and the region, have raised the backlog of long-term contracted revenues for Keppel’s decarbonisation and sustainability solutions from S$6 billion as at end-December 2024 to over S$7.1 billion, with revenue expected to be earned over 10 to 15 years, as at end-December 2025. 

Keppel has leveraged its momentum and track record in Energy-as-a-Service to secure several marquee projects, including:

• Collaborating with JTC Corporation to interconnect the existing Fusionopolis 2A chilled water plant with Keppel’s Infrastructure Division’s Biopolis and Mediapolis district cooling system plants to form Singapore’s first fully-integrated and largest chilled-water thermal grid. The combined design capacity of over 70,000 refrigeration tonnes (RT) will support more than 25 developments across the precincts.
  
  
• Cooling-as-a-Service for several mixed-use developments, commercial buildings and malls in Singapore, aggregating over 21,000 RT of additional operating capacity
  
  
• Scaling up Keppel’s Infrastructure Division’s installed base in Thailand with district cooling for the Chaeng Watthana Government Complex Zone A & B, a major hub that houses Thailand government agencies, as well as a prominent, large-scale development for exhibitions, conventions and hospitality. These new district cooling contracts have a combined cooling capacity of 25,000 RT.
  
  
• Expanding Keppel’s Infrastructure Division’s footprint in India by providing cooling solutions for a flagship commercial development featuring one of the most iconic Grade-A office buildings in the Delhi NCR, as well as district cooling network for a large-scale business park comprising six Grade-A office towers in Chennai. These contracts have a combined cooling capacity of more than 13,500 RT.
  
  
• Making Keppel’s Infrastructure Division’s first foray into the Philippines by partnering Johnson Controls in securing a 4,400 RT of Cooling-as-a-Service project for an iconic sprawling shopping mall located within Ayala Center, Metro Manila.

Ms Cindy Lim, CEO of Keppel’s Infrastructure Division, said, “We have moved decisively to secure a strong pipeline of long-term decarbonisation and sustainability solutions contracts, which underpin our healthy book‑to‑bill ratio and high visibility on recurring cash flows. These recent wins demonstrate the growing traction of our integrated ‘Solutions‑as‑a‑Service’ model, as customers increasingly shift towards innovative, subscription‑based solutions that lower operating and manpower costs.

“As our installed base continues to scale, our proprietary AI-enabled Operations Nerve Centre will further enhance asset availability, operational efficiency and lifecycle performance through real-time asset intelligence, predictive and prescriptive analytics, advanced fault diagnostics and autonomous optimisation. This enables earlier intervention, higher system resilience and structurally lowers operating costs across our portfolio. This combination of long‑term contracted revenues, operational synergies and digital enablement positions the platform for high‑quality, capital‑efficient growth.”

The abovementioned developments are 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.