Keppel O&M bags S$130m offshore substation deal
Renald Yeo
THE offshore and marine (O&M) arm of Keppel Corporation has secured a S$130 million contract for the construction of a 600 megawatt offshore substation.
The project is scheduled for completion in 2025.
When completed, it will be deployed to an offshore wind site in the Asia-Pacific region, Keppel said on Thursday (Jan 5).
A substation is typically a type of electrical infrastructure used to distribute power from the source of generation – for instance, an offshore wind site – to the main distribution network.
According to Keppel, this is the sixth offshore substation in Keppel O&M’s portfolio, including two such projects delivered in 2021 that are now operational in Taiwan.
The latest contract is part of a series of projects across the value chain of offshore renewables, Keppel said. It is not expected to have a material impact on Keppel’s net tangible assets or earnings per share for FY2022.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
“As we extend our footprint and deepen our expertise in the offshore renewables industry, Keppel O&M is well-placed to support the growing demand for offshore wind solutions and contribute towards the global energy transition,” said Tan Leong Peng, managing director of new energy and business at Keppel O&M.
Shares of Keppel Corporation closed Wednesday down 0.7 per cent or S$0.05 to S$7.22.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
