Singapore-based Keppel, the Asian Development Bank (ADB) and Enterprise Singapore (EnterpriseSG) have signed a memorandum of understanding (MoU) to explore energy transition and environmental sustainability projects valued at US$800 million across the Asia-Pacific region.

This new collaboration will focus on developing infrastructure that supports decarbonization, renewable energy and sustainable waste management, with the aim abating at least 1 million tonnes of carbon dioxide (CO2) emissions annually.

These energy and environmental projects are also expected to contribute towards building the pipeline of high-quality, proprietary infrastructure assets for Keppel’s private funds and listed business trust.

The parties’ cooperation on blended finance, which explores potential uses of concessionary financing, will further improve bankability, support development outcomes and help mobilize private investment for the projects. 

The initiative, the trio states, represents a significant step towards advancing clean energy and environmental projects in the region, positioning Keppel, ADB and EnterpriseSG as key players in driving green growth and sustainability.

The partnership will leverage Keppel’s expertise in sustainable infrastructure, ADB’s concessionary financing capabilities and EnterpriseSG’s global market access network. Initial efforts will concentrate on Southeast Asia, with plans to expand out from there between 2025 to 2030.

“Accelerating the global clean energy transition is imperative to put the planet on a pathway to sustainable development and ultimately its own survival,” says Bhargav Dasgupta ADB’s vice-president for market solutions. “Private sector innovation and investment are crucial to drive this change.”