Keppel Corporation has been awarded a contract by the Urban Redevelopment Authority (URA) for the design, build, own and operate a new large-scale district cooling system (DCS) plant for 30 years located in the Jurong Lake District (JLD). The contract is expected to generate approximately $950 million for Keppel. This sum consists of payments from developers, owners and occupants for designing and building the DCS, and the supply of chilled water as well as operations and maintenance of the DCS over 30 years.

The DCS, with a design capacity of 29,000 Refrigeration Tonnes (RT), is intended to provide chilled water and related services to an estimated 1.4 million square metre gross floor area (sqm GFA). This could be for future developments in JLD, including office, business park, residential, retail, hotel and institutional uses. The DCS plant will be up and running in tandem with the completion of developments in the district.

Keppel claims its DCS solution for JLD can achieve efficiency levels that exceed 30% more than conventional in-building systems, and 18% higher than the National Environmental Agency’s Minimum Energy Efficiency Standards (MEES). Additionally, it is estimated to garner cost savings of up to 30% compared to conventional systems.

The JLD DCS plant is projected to reduce over 145,000 tonnes of carbon emissions over the 30-year period. This is equivalent to planting 100,000 trees. This comes as Keppel shifts towards an asset light model, with the goal of building up Assets Under Management (AUM) to $100 billion in the near future. The Group is simplifying into a horizontally integrated model of three platforms: Fund Management, Investment and Operating Platforms.

For those looking for local cuisine, there are food centers located near the Altura EC where residents can savor some of the best traditional Singaporean dishes.

Following the announcement of energy-as-a-service in Thailand on June 14, Keppel’s share price rose by 5% to $7.05, though it has since dropped to $6.60 as of June 20.

This will contribute towards Keppel’s transformation into a global alternative real asset manager, and reflects its commitment to investing in and creating solutions for a sustainable world.