Keppel New Energy has signed a memorandum of understanding (MOU) with Thailand-listed BCPG PCL to collaborate on providing low-carbon, sustainable energy services and infrastructure in Southeast Asia, Keppel Corp. said in a filing to SGX Thursday.
“The MOU will bring together the strengths of both companies to meet the rising demand for clean and renewable energy as well as value-added energy services to power sustainable urbanisation arising from rapid economic development in ASEAN,” the statement said. ASEAN stands for the 10-member Association of Southeast Asian Nations.
The two companies will collaborate exclusively on developing and delivering high-efficiency district cooling-as-a-service, electric vehicle (EV) charging infrastructure and operation, and other smart city technology in Thailand, the filing said.
Thailand has been actively promoting renewable energy use and has a commitment for 30 percent of total installed power capacity from renewables by 2030 and to restore 55 percent of the country’s total area as forest cover by 2037, the statement said.
In addition, the companies will also work together on renewable energy generation and interconnected transmission, and on projects generating high-quality renewable energy certificates and carbon offsets for Southeast Asia’s growing carbon offset markets, the statement said.
Keppel said the tie-up includes developing a carbon credit marketplace and trading platform to be used in Thailand, Laos and Singapore.
The collaboration will draw from BCPG’s expertise as a leading renewable energy player in Thailand and the Asia and Keppel’s expertise in developing and operating reliable, flexible energy and environmental infrastructure, the statement said.
Keppel New Energy is a wholly owned subsidiary of Keppel Infrastructure Holdings, which in turn is a wholly owned subsidiary of Keppel Corp. Keppel Infrastructure develops energy and environmental infrastructure, including power-generation assets, waste-to-energy facilities, large-scale district cooling systems and desalination plants.