Keppel Infrastructure Trust (KIT) has signed an non-binding memorandum of understanding (MOU) with Jinko Power (HK) to study investments in solar farms and energy storage, the trust said in a filing to SGX Monday.
Under the deal, Jinko Power will identify up to 1,000 megawatts of projects from its asset pipeline for potential investment from KIT, the filing said. The targeted assets will be in regions meeting KIT’s criteria, including developed markets in Asia Pacific, Europe and the Middle East, the filing said.
Jopy Chiang, CEO of Keppel Infrastructure Fund Management (KIFM), KIT’s manager, said: “In line with our target to increase our exposure to renewable energy by up to 25 percent of KIT’s equity-adjusted assets under management by 2030, we will continue to intensify and accelerate our efforts to find like-minded best-in-class partners such as Jinko Power, so that we can grow our presence and footprint in the renewable energy space.”
Shanghai-based Jinko Power is an independent solar power producer with around 3 gigawatts of installed capacity and 18,000 gigawatt hours of cumulative power generation in China, the filing said, adding the Shanghai Stock Exchange-listed company also has developed solar projects outside the mainland.