Keppel signs $70-mln contracts to expand Energy-as-a-Service footprint

Global asset manager and operator Keppel signed contracts on July 10 worth over $70 million at the opening of the intelligent Operations Nerve Centre at its 64-ha integrated township Saigon Sports City, which is being developed in Thu Duc city in Ho Chi Minh City, to provide long-term and recurring Energy-as-a-Service (EaaS) solutions in Vietnam.

Under the contracts, Keppel will provide EaaS solutions to Republic Holiday Inn, Republic Suite Plaza, and Estella Place in Ho Chi Minh City, as well as the Grand Mercure Hotel & Resort in central Quang Binh province.

According to Mr. Poh Tiong Keng, General Manager, Vietnam and India, Infrastructure Division at Keppel, the group’s subscription-based EaaS solution, which includes energy supply, cooling, decarbonization, and smart energy management, enables businesses and building owners to enjoy significant energy savings without having to make heavy upfront investments. As Vietnam accelerates its plans to reach net-zero emissions by 2050, Keppel sees tremendous opportunities to offer more sustainability solutions and services in the country.

“The signing of our latest contracts and the opening of our advanced Operations Nerve Centre here in Ho Chi Minh City are significant steps forward in the expansion of our EaaS offerings and track record in Asia,” he said.

Under the latest contracts, Keppel will design and retrofit existing cooling systems in its clients’ developments to improve energy efficiency and asset performance. The projects are expected to be completed in phases and will have a combined design capacity of 8,000 Refrigeration Tonnes (RT). The projects are also expected to offset over 3,500 tonnes of carbon emissions annually, which is equivalent to taking more than 1,000 cars off the streets.

On the same day, Keppel also signed several MoUs with partners in Vietnam, such as the Sovico Group, Filmore Development, Thanh Dat, and Alphanam Group, to explore implementing other types of EaaS solutions, which include cooling, solar photovoltaic systems, and electric vehicle charging.