SINGAPORE – Keppel Corporation’s infrastructure division will tie up with the Abu Dhabi Future Energy Company (Masdar) to develop decarbonisation and sustainability solutions in Asean and the Middle East, the companies said on Dec 7.
Both parties have inked a memorandum of understanding at the United Nations’ COP28 climate conference in the United Arab Emirates (UAE).
They will explore solutions to support the development and deployment of utility-scale renewable projects in Asean, as well as facilitate the cross-border flow of low-carbon energy through energy storage and grid transmission systems.
The companies will also explore the feasibility of co-developing large-scale floating solar photovoltaics systems in Singapore and the region.
Masdar is a UAE state-owned renewable energy company. It was founded in 2006 as a subsidiary of sovereign wealth fund Mubadala Investment Company.
In the Middle East, Keppel and Masdar will identify and pursue opportunities in energy-as-a-service, waste-to-energy and advanced, high-energy efficiency desalination treatment.
Keppel will leverage its expertise in these areas, while Masdar contributes its networks in Saudi Arabia, the UAE and Oman.
“The partnership will leverage Keppel’s experience in cross-border electricity trade in Asean, as well as benefit from Masdar’s plans to implement renewable projects in South-east Asia,” said Ms Cindy Lim, chief executive of Keppel’s infrastructure division.
Masdar chief executive Mohamed Jameel Al Ramahi said South-east Asia is an important strategic market for Masdar. He noted that the collaboration builds on Masdar’s existing partnership portfolio in the wider Asean region.
Keppel shares were trading down nine cents, or 1.3 per cent, at $6.72 as at 10am on Dec 7. THE BUSINESS TIMES
