[SINGAPORE] Keppel has clinched some S$600 million in new contracts for proprietary technology, engineering solutions, and operation and maintenance services.
The latest wins have raised the backlog of long-term contracted revenue for Keppel’s decarbonisation and sustainability solutions to over S$7.1 billion as at Dec 31, 2025, the asset manager said on Tuesday (Feb 3).
This revenue is expected to be earned over 10 to 15 years. Keppel’s backlog of long-term contracted revenue was S$6 billion as at end-2024.
Cindy Lim, CEO of Keppel’s infrastructure division, said the “strong pipeline of long-term decarbonisation and sustainability solutions contracts… underpin (the group’s) 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,” she added.
Keppel said the latest wins are not expected to have a material impact on its net tangible asset per share or earnings per share for the current financial year.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
New projects
The contracts comprise both brownfield and greenfield projects in Singapore and elsewhere in Asia.
To form Singapore’s first fully integrated and largest chilled-water thermal grid, Keppel will work with JTC Corporation to connect the Fusionopolis 2A chilled water plant with the Biopolis and Mediapolis district cooling system plants of its infrastructure division.
“(The project’s) combined design capacity of over 70,000 refrigeration tonnes (RT) will support more than 25 developments across the precincts,” Keppel said.
In another project, Keppel will provide cooling-as-a-service solutions for “several mixed-use developments, commercial buildings and malls in Singapore”. This will add more than 21,000 RT of additional operating capacity.
In Thailand, Keppel will scale up its infrastructure division’s installed base with district cooling for zones A and B of the Chaeng Watthana Government Complex, which houses Thai government agencies.
The new district cooling projects have a combined cooling capacity of 25,000 RT, the group said.
Keppel’s infrastructure division has also won new contracts in India. The projects for these have a combined cooling capacity of more than 13,500 RT.
The group will provide cooling solutions for a flagship commercial development with Grade-A office buildings in the Delhi National Capital Region. A district cooling network for a large-scale business park comprising six Grade-A office towers in Chennai will also be added.
Additionally, Keppel’s infrastructure division has partnered Johnson Controls to secure a 4,400 RT cooling-as-a-service project for a shopping centre in Ayala Center, Metro Manila. This will mark the division’s entry into the Philippines.
Shares of Keppel fell 1.7 per cent or S$0.18 to S$10.75 on Monday.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
