Accolades for sustainability - Keppel Corporation
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A Publication of Keppel Corporation
ISSUE
01
2021
www.kepcorp.com/ekeppelite
Accolades for Renewable
energy
Waterfront
Living
sustainability solutions
MCI (P)
031/01/2021 24 18 34
Contents
1 Editor’s Note 37 Strengthening track record Editorial Advisor
2 Keppel Corporation Financial Results 38 Unlocking value Ho Tong Yen
Financial highlights 39 Reskilling and seizing opportunities
In conversation
14 Keppel REIT Financial Results GETTING TO KNOW YOU Editor
Sue-Ann Huang
15 Keppel Pacific Oak US REIT
Financial Results 40 Spotlight on: Ms Bridget Lee
16 Keppel DC REIT Financial Results
Copy Editors
17 First closing for Keppel’s 42 Celebrating Keppelites
Lee Wan Jun, Brian Lee
second data centre fund 43 Appointments
18 Renewable energy solutions
20 Bold transformation HSE MATTERS Editorial Team
of the O&M business Amanda Teng, Ana Luisa Cruz,
22 Launch of Keppel Vietnam Fund 44 Keppel clinches highest number Ang Lai Lee, Ariel Tee, Casey Chiang,
140th conversion project of WSH accolades Dorothy Lim, Elizabeth Widjaja,
23 Keppel Land to divest Keppel Bay 45 Celebrating safety Emmeline Khoo, Fiona Aw, Frances Teh,
Tower to Keppel REIT Glenda Yang, Grace Chia, Guo Xiao Rong,
24 Accolades for sustainability 46 Managing disruption, Ivana Chua, Loh Jing Ting, Nikki Lam, Roy Tan,
and excellence enabling innovation Serena Toh, Tang Yi Bing, Victor Heng,
Woon Pek Yong, Yolanda Guo
27 Model for sustainable development 47 Empowering lives
28 New Year Message from the CEO 48 Doing good well
Email: keppelgroup@kepcorp.com
32 Leadership renewal 49 Climate action
Website: kepcorp.com/ekeppelite
for key business units 50 Supporting dialysis care
linkedin.com/company/keppel
34 Making waves in 52 Nurturing communities in China youtube.com/KeppelCorporationLtd
luxury waterfront living 54 Supporting education
35 Keppel Land invests in Beach cleanup Keppelite is a publication of Keppel
co-living company, Cove 55 Season of giving Corporation, and is published quarterly
36 Marking milestones 56 Recognising volunteers by the Group Corporate Communications
Division. All rights reserved. Permission from
the publisher is required for reproduction by
any means in whole or in part.
Cover image: The Reef at King’s Dock (pictured: Artist’s impression), a luxury waterfront
project located in the HarbourFront and Keppel Bay precincts and developed by Mapletree
and Keppel Land, has achieved a strong take-up, with 280 of the 300 units released sold over
the launch weekend of 30 and 31 January 2021.
1 EDITOR'S NOTE
Editor’s Note
The world heaved a sigh of relief as we As part of Vision 2030, Keppel Offshore These achievements would not have
sent off 2020 – an unprecedentedly & Marine’s business will be transformed been possible without the hard work
difficult year which will be remembered to be a slimmer and more competitive and dedication of Keppelites. As part
for the immense human suffering and developer and integrator of offshore of the Group’s succession planning, we
economic malaise unleashed by the energy and infrastructure assets, which announced a group of next generation
COVID-19 pandemic. is well-placed to support the energy leaders who will take on bigger roles to
transition (pages 20 and 21). bring Keppel forward to realise Vision
While the pandemic upended 2030 (pages 32 and 33).
many aspects of modern life, it also With sustainability at the heart of our
accelerated many of the macrotrends strategy, Keppel will continue in our Even as we battled COVID-19, we
that are already in motion, including journey to support the world’s energy remained focused on uplifting the
the energy transition, increasing needs through renewable energy community, including donating to set up
digitalisation, e-commerce and super solutions. We closed the year with the a new NKF dialysis centre, supporting
liquidity. It also inspired innovation announcement on a new solar farm SPD’s Sheltered Workshop and bringing
and experimentation on a global scale, project in Australia by Keppel Renewable cheer to rural communities in Yunnan
as communities around the world Energy, as well as the construction of an Province in China (pages 47 to 55).
adjusted to working from home and offshore wind turbine installation vessel
living in the age of pandemics. project by Keppel O&M for Dominion 2021 is expected to remain challenging
Energy (pages 18 and 19). as COVID-19 continues to take its toll
For Keppel, 2020 was also a year of in many countries around the world.
new beginnings as we announced We continued to add to the quality Nevertheless, as Mr Loh Chin Hua
our Vision 2030 roadmap, even as the homes in Singapore’s Southern said in his new year message, we are
pandemic was unfolding. Waterfront with the launch of the “cautiously optimistic” about the year
Reef at King’s Dock, which has been ahead, underpinned by the unique
In his new year message to well-received by the market (pages strengths of Keppel’s businesses, the
Keppelites (pages 28 to 31) and 34 and 35). Our contributions to the clarity of our vision, and the resilience
at Keppel Corporation’s FY 2020 built environment continued to receive of Keppelites. Let us continue to work
results announcement (pages 2 to 7), recognition, with the Keppel Group together, guided by Vision 2030, to
CEO of Keppel Corporation, Mr Loh garnering multiple awards from the build a stronger Keppel and a more
Chin Hua provided updates on our Building and Construction Authority in sustainable world.
progress in executing Vision 2030, Singapore (pages 24 to 26). Keppel also
which guides the Group’s strategy continued to be recognised for safety Wishing all Keppelites a happy new year
and transformation as one integrated efforts, winning 21 awards at Singapore’s and all the best in 2021!
business, providing solutions for Workplace Safety and Health Awards
sustainable urbanisation. (page 44). Keppelite Editor
2
Keppel Corporation Financial Results
Driving transformation
Keppelite reproduces the speech by Mr Loh Chin Hua, CEO of Keppel Corporation,
at the Company’s 2H & FY 2020 results webcast.
2020 was a tumultuous year, with the sustainability, technology and innovation, global oil demand, thus triggering a sharp
COVID-19 pandemic causing immense and people and organisation. deterioration in the industry in the past year.
suffering and severely impacting the global
economy. Keppel was also not spared We also launched a 100-day plan, from In line with the changing environment, we
from its impact, especially our Offshore & end-September 2020 to early January have announced our plans to transform
Marine (O&M) business, which has been 2021, to expedite the execution of Vision Keppel O&M organically to be more
badly affected by the fall in global demand 2030. Over this period, we announced competitive, relevant and aligned to
for oil. more than a dozen different initiatives, Keppel’s Vision 2030, even as we continue
including asset monetisation as well as to explore inorganic options.
However, 2020 was also a year of growth initiatives, such as securing new
transformation and new beginnings for offshore and onshore renewables projects, In a nutshell, the organic transformation of
Keppel, as we unveiled Vision 2030, our growing our urban development business, Keppel O&M comprises two main parts.
long-term strategy to guide the Group’s and launching new funds aligned to
growth and transformation as one Keppel’s areas of business. The pursuit of First, we will transform the company into
integrated business, providing solutions for Vision 2030 is not a one-off sprint, but a a nimble, asset-light and people-light
sustainable urbanisation. multi-year, long distance run. Following Operating Company (Op Co), which
the conclusion of the 100-day plan, we will will focus on seizing opportunities in
Last September, we announced further pursue second, third and fourth waves of the energy transition, such as floating
steps in our Vision 2030 roadmap. As initiatives, as we keep up the momentum infrastructure and infrastructure-like
part of our asset-light business model, to realise Vision 2030. projects including renewables, gas
we identified a group of assets valued solutions, new energy solutions and
at $17.5 billion (based on the Group’s Last September, we also announced the production assets. It will also collaborate
balance sheet as at 30 June 2020) strategic review of Keppel Offshore & with other Keppel business units to
that could be monetised over time, Marine (Keppel O&M), and earlier on, provide other urbanisation solutions such
and announced our plan to monetise our logistics business. Let me provide an as offshore and nearshore infrastructure,
$3-5 billion of these assets over the update on the two reviews. and floating data centre parks, harnessing
next three years. Since the beginning the synergies of the Group.
of October, we have announced Strategic Review of
divestments of more than $1.2 billion, Offshore & Marine Business As part of the transformation, Keppel
well on our way to the three-year target. Amidst growing international concerns O&M will exit the offshore rig building
We will continue our asset monetisation about climate change, the global energy business, and also progressively exit low
programme in the year ahead, as transition is accelerating, with the share of value-adding repairs and other activities
we recycle capital to fund growth renewables, gas and new energy solutions with low bottom line contribution. It will
opportunities. growing in the energy mix. Demand for transit to a developer and integrator role
solar PV and offshore wind is expected to higher up the value chain, focusing on
We have established a Transformation grow significantly in the years ahead, while design, engineering and procurement, with
Office to drive the Group’s execution natural gas, as a transition fuel, is projected fabrication work subcontracted to third
of Vision 2030, with a comprehensive to overtake oil to become the world’s parties. Keppel O&M’s yard operations
agenda covering six workstreams - growth largest energy source. The COVID-19 will be streamlined and we will rightsize
initiatives, asset monetisation and portfolio pandemic has further accelerated the the organisation, while investing to build
optimisation, cost and cash management, energy transition by sharply reducing new capabilities. We will also explore how
3
Keppel O&M’s offshore rig technology can headcount, focusing on higher value- we will shortlist the buyers for deeper
be repurposed for other uses. adding work as a developer and integrator. engagement. We are keeping options
It will also be much more asset-light, and open, and may decide to divest our
Second, we will address the $2.9 billion of a strong contributor to the Group’s ROE logistics business completely or continue
legacy completed and uncompleted rigs target of 15%. holding a minority stake.
on our balance sheet by ring-fencing them
and putting them under a Rig Co and a As part of the strategic review, we are Financial Performance
Development Co (Dev Co) respectively. also exploring inorganic options, but Moving on to the Group’s financial
Completed rigs in the Rig Co will be put there is no assurance that any transaction performance: Against an unprecedentedly
to work or monetised if there are suitable will materialise. We believe our organic challenging backdrop, Keppel sustained a
opportunities. A team will be appointed restructuring of Keppel O&M will not only net loss of $506 million for FY 2020. This
to support the Rig Co’s chartering and enhance its competitiveness, but also its was due to impairments of $952 million,
marketing activities. When the oil market attractiveness, if we were to undertake any mainly in the O&M business, the bulk of
improves, utilisation and day rates increase inorganic action. We will provide further which was recorded in 2Q 2020. However,
and the rigs generate steady cashflow, updates to the market in due course if apart from Keppel O&M, all key business
we will sell the rigs or explore bringing there are any material developments. units within the Group remained profitable.
in third party investors. When the Rig Excluding impairments, FY 2020’s net
Co is cashflow generating, it can also be Strategic Review of Logistics Business profit would have been $446 million,
monetised or spun off. E-commerce has been growing rapidly underpinned by the resilient performance
in recent years, and was given a further of Keppel’s business units, many of which
The Dev Co will focus on completing boost by the COVID-19 pandemic. Our provide essential services and continued
the uncompleted rigs, while prudently logistics business has benefited from the operating during the pandemic.
managing cashflow. We will focus on increased demand for ecommerce and
completing rigs that have firm contracts urban logistics over the past year, with last Our free cash inflow stood at $497 million
with customers. Completed rigs will either mile deliveries, gross merchandise value, in 2020, compared to a free cash outflow
be delivered to customers, or transferred and channel management orders growing of $653 million in 2019, due mainly to lower
to the Rig Co and put to work or sold. significantly. Notwithstanding the growing working capital requirements and higher
Both the Rig Co and Dev Co are transient business, we have decided to sharpen our divestment proceeds, underpinned by our
structures. They are projected to need focus and divest our third-party logistics asset monetisation programme.
about $500 million in net funding from business in Southeast Asia and Australia
the Group, mainly to complete the rigs. as well as our channel management Net gearing was slightly lower at 0.91x
This funding will be provided over time, business to a third party, who may be as at end-2020, compared to 0.96x as at
and repaid as the rigs are put to work or able to provide a better eco-system to end-September 2020, due to divestment
monetised. scale up the business. Rothschild & Co proceeds received during the quarter, as
has been appointed as Keppel T&T’s well as a higher equity base. If the various
When we succeed in executing these financial adviser and has started engaging asset monetisation initiatives which we
plans, we will see a transformed and more potential buyers. We have received good have announced, such as the divestment
competitive Keppel O&M, well-placed interest from the market, with many of Keppel Bay Tower, had been completed
to support the global energy transition. potential buyers signing NDAs (Non by 31 December 2020, our net gearing as
It will be much slimmer than the Keppel Disclosure Agreement). The first bids are at end-2020 would have fallen to 0.81x on a
O&M of today, with a significantly reduced expected in February 2021, following which pro forma basis.
4 5
the challenging environment, it secured Home sales were lower year-on-year at Keppel Infrastructure
secured $2.1 billion
new order wins of about $1.0 billion in 3,340 units. The bulk of the reduction was
worth of WTE and
2020, with offshore renewables and LNG in China, due to economic headwinds in district cooling contracts
solutions making up 65% of new orders. the country as well as fewer new projects across Singapore,
India and Thailand in
launched.
FY 2020, including the
Keppel O&M’s net orderbook stood at Bulim district cooling
$3.3 billion as at end-2020, over 80% of In Vietnam, home sales were affected by system plant (pictured:
Artist’s impression)
which comprises renewables and gas slower approval for the launch of new
in Singapore’s Jurong
solutions. Work has resumed at all our projects. However, demand for quality Innovation District.
yards, including the Singapore yards, homes remains strong. The first batch of
where a workforce of about 19,500 has 519 units at Celesta Rise in Ho Chi Minh
returned to work as at end-2020, with City was launched in November 2020,
safe management measures in place. We and almost all the units were sold within
are now working to catch up on projects a month.
which had been delayed due to COVID-19.
On a positive note, home sales in
Keppel Infrastructure continued to grow Singapore improved significantly. Most of
as a steady contributor to the Group, the sales were at The Garden Residences,
with its contribution improving from which was 93% sold as at end-2020.
$129 million for FY 2019 to $144 million
for FY 2020. It continued to deliver These figures do not include the
strong results, underpinned by improved approximately 8,200 units sold en-bloc,
performance in the Energy Infrastructure from the announced divestments of our
and Environmental Infrastructure stakes in four residential projects across
businesses. During the year, Keppel China and Vietnam.
Infrastructure secured $2.1 billion worth of
WTE and district cooling contracts across Our total residential landbank stands at
Singapore, India and Thailand. about 54,000 homes with the majority
in China and Vietnam, and a growing
The newly established Keppel Renewable portfolio in India.
Energy has also announced its first solar
farm project in Australia. We will continue In China, the Sino-Singapore Tianjin
to explore opportunities in renewable Eco-City continues to grow steadily, with
energy assets, in line with Keppel’s focus our master developer SSTEC contributing
on making sustainability our business. profit of $67 million to the Group, from the
In appreciation of our shareholders for recurring income amounted to $220 Energy & Environment
sale of two residential land plots and the
their confidence and support for Keppel million, compared to $260 million in 2019. Energy & Environment made a net loss
Urban Development handover of completed homes.
in this difficult environment, the Board of $1.181 billion for FY 2020, on the back of
Urban Development recorded a net
of Directors will be proposing a final Next, I will discuss the Group’s performance losses in the O&M business.
profit of $438 million for FY 2020, lower Connectivity
dividend of 7.0 cents per share. Together according to our four new focus segments
year-on-year mainly due to the lower Connectivity recorded a net profit of
with the interim cash dividend of 3.0 cents of Energy & Environment, Urban Keppel O&M’s net loss for FY 2020 was
contribution from Keppel Land. Keppel $13 million for FY 2020, compared to
per share, we will be paying out a total Development, Connectivity and Asset $1.194 billion. This was mainly due to the
Land’s contribution was $406 million for $136 million in FY 2019, mainly due to the
cash dividend of 10.0 cents per share to Management. We will present contributions significant impairments recorded in 2Q
FY 2020, 10% lower than the $452 million absence of the fair value gain recognised
shareholders for the whole of 2020. from the Group’s stakes in the REITs, 2020, reduced top line from COVID-19
for FY 2019, mainly due to the absence of in 2019 from the remeasurement of
Keppel Infrastructure Trust and private related disruptions which severely
tax write-backs. the previously held interest in M1 at
Multiple Income Streams funds under Asset Management, rather impacted yard activities in Singapore for
acquisition date.
In Keppel’s Vision 2030, we highlighted than under the respective business units much of the year, and the higher share of
During the year, Keppel Land announced
our focus on improving the quality of our as was done previously, so as to provide losses from associates.
asset divestments of about $1.3 billion, Digitalisation trends accentuated by work
earnings through growing our recurring greater clarity on the earnings from
and acquired a stake in a co-living from home arrangements continue to drive
income, while shifting away from lumpy Asset Management, as well as the core Keppel O&M’s pivot to renewables and
solutions provider as well as new projects demand for data centres, a growth engine
project-based earnings. For 2020, operations of our three other segments. cleaner fossil fuels has borne fruit. Despite
in China and India. for the Group. Our data centre business
6
reported a net loss of $12 million for FY identity and will shortly launch its new imposed by the pandemic, Keppel
2020, following the segmentalisation of $74 digital connectivity platform, which will Capital-managed funds raised total equity
million in contributions from our stakes in significantly improve customer experience. of about $4.5 billion from institutional
Keppel DC REIT and Alpha Data Centre M1 is also continuing to collaborate with investors during the year, reflecting the
Fund under Asset Management. This industry leaders to conduct trials of 5G strong demand from investors for assets
includes the gains from the partial sale of use cases, as it rolls out its 5G standalone with long-term sustainable cashflow.
Keppel DC REIT units last year. network this year. Keppel Capital has also launched and
achieved first close for several funds
During the year, Keppel Data Centres Asset Management spanning different asset classes. As at
added two new data centre development For FY 2020, Asset Management’s net end-December 2020, Keppel Capital’s
projects in Singapore and China to its profit was $280 million, up 31% from a year AUM (Assets Under Management) has
portfolio. With the launch of the new ago. This was mainly due to the gains from grown by 12% to $37 billion, compared to
Keppel Data Centre Fund 2, we will further the reclassification of Keppel Infrastructure $33 billion a year ago.
expand our data centre footprint, without Trust, as well as improved performance by
relying just on our balance sheet, while Keppel Capital, whose net profit grew 6% Conclusion
we continue to grow our fee income from year-on-year to $85 million. To conclude, progress in the roll-out of the
operating and maintaining the data centres. COVID-19 vaccine gives hope that the end
Asset management is both a vertical of the pandemic may be in sight. However,
M1’s contribution was $65 million, lower for the Group, and also a horizontal we are not out of the woods yet. The
year-on-year due to the impact of the which promotes collaboration across pandemic continues to spread in many
pandemic on roaming and prepaid businesses, while serving as a platform for countries, and we have seen the tightening
revenue. However, EBITDA remained capital recycling and tapping third party of curbs in different cities in response to
relatively resilient at $264 million - a investments for growth. FY 2020 saw new waves of infection. We must therefore
modest decline of 6.9% year-on-year. Keppel Capital playing all of these roles in remain vigilant and carefully observe safe
In 2020, M1 increased its market share line with Vision 2030. management measures.
to have the second largest postpaid
base in Singapore, based on both Notably, Keppel Capital’s asset However, COVID-19 has also accelerated
number of customers and revenue1. M1’s management fees grew, underpinned by many macrotrends which were already in
transformation is also progressing well. contributions from new fund initiatives. motion, such as increasing digitalisation,
It recently unveiled its refreshed brand Despite the travel and other restrictions e-commerce and the energy transition,
M1 enables smart
home solutions
with its new digital
connectivity platform.
7
Keppel Capital’s
AUM grew 12%
year-on-year to Assets Under Management by Keppel Capital
$37 billion2 as at
end-2020.
which we had identified as part of Vision Before I end, I would like to express my
2030. They will create new opportunities deep appreciation to two colleagues on
for businesses ready and able to seize the panel who will be stepping down next
them. But with the world changing at an month, as part of the Group’s leadership
increasing pace, we must also speed up renewal. Dr Ong Tiong Guan, CEO of
the execution of our vision. Keppel Infrastructure, will be retiring,
but will remain on the board of Keppel
While the global outlook remains Infrastructure. Mr Tan Swee Yiow will step
uncertain, I am cautiously optimistic down as CEO of Keppel Land, but will
about the year ahead. Keppel has a clear take on a new role as Senior Managing
strategy and the necessary funding to Director of Urban Development at Keppel
weather the tough environment and Corporation. He will remain on the
pursue growth initiatives. Guided by our boards of Keppel Land and Keppel REIT
Vision 2030, we will continue to grow our Management. Thank you, TG and Swee
business as a provider of solutions for Yiow, for your contributions to the Group.
sustainable urbanisation for the benefit I look forward to working with Swee Yiow
of all stakeholders. in his new capacity.
Footnotes:
1. Based on data available as at 9M 2020.
2. Gross asset value of investments and uninvested capital commitments on leveraged basis were used
to project fully-invested AUM.
3. Includes senior living, education and logistics assets, as well as a private credit fund.
8
Keppel Corporation Financial Results
Financial highlights
Keppelite reproduces excerpts of the presentation by Mr Chan Hon Chew,
CFO of Keppel Corporation, on the Company’s financial performance at
the 2H & FY 2020 results webcast.
2H 2020 financial highlights
$m 2H 2020 2H 2019 % Change
Revenue 3,392 4,265 (20)
EBITDA 370 601 (38)
Operating Profit 157 395 (60)
Profit Before Tax 102 465 (78)
Net Profit 31 351 (91)
Earnings per Share (cents) 1.7 19.3 (91)
FY 2020 financial highlights
Excluding impairments
$m FY 2020 FY 2019 % Change FY 2020 FY 2019 % Change
Revenue 6,574 7,580 (13) 6,574 7,580 (13)
EBITDA 422 1,252 (66) 1,221 1,351 (10)
Operating Profit 8 877 (99) 807 976 (17)
(Loss)/Profit Before Tax (255) 954 n.m.f. 775 1,077 (28)
Net (Loss)/Profit (506) 707 n.m.f. 446 828 (46)
(Loss)/Earnings per Share (cents) (27.8) 38.9 n.m.f. 24.5 45.6 (46)
n.m.f. denotes No Meaningful Figure
9
2H 2020 financial highlights Free cash inflow of $497 million was an $8 million, as compared to
In the 2H 2020, the Group recorded improvement over the free cash outflow $877 million in 2019. Share of
a net profit of $31 million, 91% lower of $653 million in 2019. This was mainly losses from associated companies
than the corresponding period in 2019. due to lower working capital requirements and higher net interest expense
Correspondingly, the earnings per share from Energy & Environment and Urban drove the Group into a pre-tax loss
(EPS) decreased by 91% to 1.7 cents. Development, as well as higher proceeds position of $255 million for FY 2020,
from divestments of interests in Jiangyin, as compared to pre-tax profit of
Revenue decreased by 20% to Taicang and Chengdu projects in China, $954 million for FY 2019. Excluding
$3.4 billion compared to 2H 2019. Lower and receipt of deferred proceeds from impairments, pre-tax profit of the
revenues from Energy & Environment and 2019’s sale of interest in Dong Nai Group was $775 million, which was
Connectivity were partly offset by higher Waterfront City project. $302 million or 28% lower than in
revenues from Urban Development and 2019.
Asset Management. Net gearing increased from 0.85x at the
end of 2019 to 0.91x at the end of 2020. After tax and non-controlling interests,
Operating profit was 60% lower at This was mainly due to investments, net loss was $506 million, translating
$157 million largely due to weaker working capital requirements and to loss per share of 27.8 cents.
performance from the offshore & payments of the final dividend for FY
marine (O&M) business and additional 2019 and interim dividend for FY 2020, as FY 2020 financial highlights
impairments recognised in 2H 2020. well as the impact from lower equity due (excluding impairments)
to the significant impairments recorded
Profit before tax at $102 million decreased in the current year. However, this is an Excluding the impairments of
by a higher percentage of 78%, mainly improvement compared against June $952 million, the Group was profitable
due to share of associated companies’ 2020 net gearing of 1.0x, largely due to for FY 2020 at $446 million, 46%
fair value losses on investment properties, divestment proceeds received during the or $382 million lower than the net
lower investment income and higher second half, as well as a higher equity profit of $828 million in 2019. For like
net interest expense. After tax and non- base arising from higher hedging and comparison, the net profit of
controlling interests, net profit was $31 foreign currency translation reserves. $828 million in 2019 had also
million, translating to an EPS of 1.7 cents. excluded impairments.
The Group earned a total revenue of
FY 2020 financial highlights $6.6 billion in 2020, a decrease of 13% Accordingly, ROE excluding
year-on-year. Lower revenues from Energy impairments was 3.9%.
The Group recorded net loss of & Environment, Asset Management and
$506 million for FY 2020, as compared Urban Development were partly offset by Our proposed final dividend to our
to net profit of $707 million in 2019. higher revenue from Connectivity. shareholders for 2020 will be 7.0 cents
Consequently, Return on Equity (ROE) was per share. Including the interim
at negative 4.6%, as compared to positive Impacted by impairments of $799 million, dividend paid, the total distribution for
6.3% recorded in 2019. operating profit was much lower at 2020 will be 10.0 cents per share.10
Keppel Corporation Financial Results
In conversation
Keppelite features highlights of management’s responses to
questions from the media and investment community at the
Company’s 2H & FY 2020 results webcast.
Q: Can you share more details of Q: Is there a leverage ratio target that
what the second wave of Vision 2030 you can share that is to be achieved over
initiatives are? the medium term?
LCH: We will continue with our plans CHC: We do not have any leverage
to execute Vision 2030. So, the second target. That said, we have mentioned that
wave would include additional asset we want to maintain our net gearing at
monetisation as we recycle capital. At the 1.0x or below and that remains relevant
same time, we will be looking to seek new today. We managed to bring down our
growth opportunities, grow new engines, gearing from 1.0x as at end-June 2020 to
and execute our plans following the 0.91x as at end-2020. If you look at the
strategic review of our Offshore & Marine divestments that we have done so far, and
and logistics businesses and other as Chin Hua shared in his address, on a
restructuring initiatives. All these would pro forma basis, our gearing would have
be driven by our Transformation Office, been brought down to 0.81x if we take into
which has the responsibility of executing account all the divestments that we have
Vision 2030 across the six different work announced.
streams.
Q: Can you elaborate on what it means
Q: Where would the capital from the to be a “developer and integrator of
$3 to 5 billion of divestments be offshore energy and infrastructure
redeployed into? Will the bulk be going assets” while outsourcing fabrication
into Energy & Environment? work? Does it mean Keppel will still bid
for offshore wind projects together with
LCH: We have announced before that we other yards, but outsource construction?
have a few areas of growth that we have
identified under Vision 2030. Connectivity CO: Being a developer and integrator of
is one. We also see large-scale smart offshore energy and infrastructure assets
urban development as another. is actually not new to Keppel. We have
Environment is also very important. And a strong track record of doing so. When
then of course, energy, particularly new we say that we would be outsourcing
energy and renewable energy, and asset fabrication work, it means that we will
management as well. subcontract the work of fabrication, which11
Keppel senior
management engaged
the media and
investment community
at the 2H & FY 2020
results webcast.
is usually labour and space intensive, to fence them, and make it very clear what is still quite tough in the next year or so,
our network of partners. We will still be is the path to daylight for these legacy but if you look at some of the industry
integrating the offshore assets till final assets. We can’t solve all these issues reports, the expectations are that with
delivery. On the question of whether we immediately, but there is a very good a lot of older rigs being put to pasture/
will still bid for offshore wind projects, plan to resolve these legacy assets. In the scrapped, eventually the newer rigs and
the answer is yes. With the restructuring, meantime, we also do not want to burden the premium rigs will get work, and good
the Op Co can really focus, enhance and the Op Co, which has a very important work. When that happens, we will either
strengthen our track record in offshore task to transform to make itself more sell the rigs under Rig Co or potentially,
renewables projects. relevant in terms of the changing external if we charter them out, they will create
environment today, especially with the cashflow, and we can then work with
Q: What is the rationale of restructuring accelerated energy transition. investors. So, the timing for that will
the Offshore & Marine business into depend on how quickly the offshore rig
two additional units, Rig Co and Dev Co? Q: As Rig Co and Dev Co are transient market recovers.
Why can’t the divestment of existing structures, can Keppel share its
rigs be done without the additional target deadline by which they may be Q: When you say Keppel O&M will have
restructuring? dissolved? a significantly reduced headcount, what
is the headcount now and how many jobs
LCH: This is something that the Board LCH: We expect Dev Co to have a shorter do you expect to cut?
of Keppel Offshore & Marine (Keppel runway. For projects under Dev Co, those
O&M) and management have actually with contracts will be built. Those without CO: The present headcount stands at
been working on very intensely since contracts, if we build them, they will go 10,500. It is premature for us to determine
we announced the strategic review a into Rig Co. After that is done, Dev Co a final number on what the workforce will
few months ago. The goal of creating will be surplus to requirements. Rig Co be at, bearing in mind that we still have
these three different divisions is to clearly on the other hand, will depend on how an orderbook of $3.3 billion to execute.
identify what are the legacy assets, ring quickly the oil market recovers. The going But part of the transformation is also to12
re-train, and create more skilled and high has now come up with a good organic in these Southeast Asian countries will
value jobs for our people. plan, we should work on it immediately. greatly help to grow this business at a
But at the same time, we are continuing faster pace.
Q: In the new areas of offshore energy, to explore inorganic options. There is no
what does Keppel see as its strength? certainty that this exploration will actually Q: There are other listed entities on
lead to a transaction. But we believe SGX going into data centres. What
CO: Keppel O&M’s strength is in terms that the organic plan that we have to competitive advantages does Keppel
of development of projects, engineering, transform Keppel O&M will make it more have over these other entities?
procurement, and project management. competitive. And should we consider
Our track record has given us the ability an inorganic option in the future, that CT: Data centres are very well in demand.
to repurpose some of our IP (intellectual would actually not harm us. In fact, it may Especially with COVID-19, digital
property) and also pivot to new energy strengthen our position. In terms of the infrastructure is hugely sought by all
solutions in the energy transition. For options, we are not at liberty now to share businesses. With 5G coming up, there is
example, we have our own franchise of what are the different possibilities. As I a huge demand for data centres, so we
floating LNG vessels, bunkering vessels, have said before, all options are being are focused on the right sector.
as well as our own solutions in wind considered.
turbine installation. So, the capabilities What Keppel has as an advantage in,
are adjacent, and we are confident that Q: Logistics is currently enjoying a compared to others, is that we have
we would be able to make use of this structural uplift in demand due to an ecosystem where Keppel Land can
strength in the offshore energy space. COVID-19. Can you share why is Keppel build the core and shell, and Keppel
divesting and not investing more capital Infrastructure can build the power and
Q: Could you elaborate on how the Op to grow this business? cooling infrastructure that is needed
Co of Keppel O&M will collaborate with by these data centres. In the past, data
other Keppel business units to provide LCH: You are right, Keppel Logistics has centres had 5MW, but nowadays, you are
other urbanisation solutions? actually been one of the beneficiaries looking at data centres of 100MW, which
of COVID-19. We have seen very strong is like a mini powerplant.
CO: At the present moment, we are growth in urban logistics and in our
already utilising our engineering and channel marketing this year. This decision Keppel’s advantage is that we have an in-
project management capabilities to to divest is related to our more disciplined house team in the infrastructure space, who
develop joint infrastructure projects approach and how we allocate capital in is able to build and deliver this infrastructure
with other Keppel units, like floating the Group under Vision 2030. We believe for the data centres. The most important
data centres that we are studying and we have a very good business, but it is part would be our operating capabilities.
also some of the potential nearshore currently sub-scale. We believe that, whilst Keppel has been ranked number two in the
infrastructure projects. At the same time, it is possible for us to invest more capital, world in terms of operational management
we utilise the capabilities throughout the perhaps another player with a better capabilities, against 93 other operators in
Group, including Keppel Capital’s in terms ecosystem may be able to grow this faster the world, by one of our top cloud players.
of funding. than us. Now, as I said in my remarks, This is quite a huge advantage that we
it does not mean that we will divest have, as we are able to operate and
Q: Are you still actively looking for completely. We could divest completely, or maintain these data centres. All the top five
buyers for Keppel O&M? If you find a we could retain a minority stake. cloud players in the world are working very
buyer, is selling Keppel O&M an option, closely with us in terms of their demand for
or will you sell partially? TP: What we could benefit from this new data centres, and where they would need
business partner with a better ecosystem the next data centre.
LCH: The energy transition is upon – it could mean a better network of
us. It has been accelerated and the presence in Southeast Asia that could LCH: I would also like to add that Keppel
headwinds being faced in the offshore contribute a lot more to this logistics has very strong engineering capabilities.
and marine industry are intense. So, it is business in the future. So, it is not just We have been able to use our engineering
very important that when Keppel O&M additional capital; the local networks nous to look at how to make data centres13
more energy efficient. At the same time, Q: How is the environment in Vietnam LCH – Mr Loh Chin Hua,
we have Keppel Renewable Energy. for property sales? CEO of Keppel Corporation
Nowadays, whilst there is a huge demand
for data centres, there is also some TSY: Vietnam’s property market is CHC – Mr Chan Hon Chew,
concern that data centres emit a lot of generally still very healthy, but with CFO of Keppel Corporation
carbon. Keppel DC has been a pioneer COVID-19, there is a lot of focus and
in looking at how to reduce energy attention devoted to handling this. As CT – Ms Christina Tan,
consumption through its high-rise data a result, the approval for new launches CEO of Keppel Capital
centres, tropical data centres, floating data generally slowed down across all projects.
centres etc. Being able to bring green As shared by Chin Hua earlier, when we CO – Mr Chris Ong,
electrons through Keppel Renewable launched Celesta Rise in November last CEO of Keppel Offshore & Marine
Energy will be a huge advantage. year, we managed to sell almost all of the
519 units within one month. This shows TSY – Mr Tan Swee Yiow,
Q: Can you elaborate on your investment that the market is still quite strong if we CEO of Keppel Land
in the solar farm in Australia? have a good product to market.
TP – Mr Thomas Pang,
CO: This is a solar project that is in Q: What is Keppel Corporation’s plan CEO of Keppel Telecommunications &
Queensland, Australia. It is a minimum for M1 in the larger scheme of things Transportation
of 500 MW of solar development. The and general direction of Vision 2030?
financial close is scheduled to be in 2022, Any concrete examples of how M1 has MSM – Mr Manjot Singh Mann,
and construction will start and last for been contributing meaningfully in that CEO of M1
almost a year. Now, the way that we are regard?
set up is to utilise the different strengths
of the Keppel Group, and Keppel LCH: M1 is part of our Connectivity
Renewable Energy is working closely with segment, and it is undergoing a
the Keppel Asia Infrastructure Fund to transformation at this point. I believe
look at how we can monetise this project. that Connectivity is going to be a major
growth engine for the Group. I will ask
Q: Can management provide an update Manjot to share with us some of the
on the sales progress of 19 Nassim? exciting things that we are doing at M1.
What are the expectations for The Reef
at King’s Dock? MSM: Apart from the transformation
plan that we put in place and are
TSY: We have sold two units in 19 Nassim executing right now for M1, to your
so far. Due to COVID-19, we have been second point on concrete examples of
going by appointment only. We have how M1 has been contributing: with 5G,
launched a preview for The Reef at there are a number of use cases that
King’s Dock on 16 Jan 2021 and based on M1 is working on with different Keppel
the response so far, we are reasonably business units. The big advantage that
optimistic that the response and demand M1 has over other telcos in the region
will be good. We will be launching the and Singapore is that with Keppel’s
project soon. More importantly, The Reef diversified business model, it gives us a
has many positives – it is in a prime great opportunity to try out and create
location, at one of the most convenient use cases with 5G that we can then use
waterfronts within walking distance to the for other industries within Singapore and
MRT, has good design and also the first-of- outside of Singapore. Those use cases
its-kind floating deck. We are reasonably are already in action with other business
confident that the response will be good. units of Keppel.14 15
1. Completed on 31
Keppel REIT Financial Results
December 2020,
Resilient office portfolio
the acquisition of
Pinnacle Office Park
allows Keppel REIT
to gain a foothold
in Macquarie Park,
a key Australian
metropolitan office
Keppel REIT has achieved distributable Despite the COVID-19 pandemic, Keppel REIT continues to take market in Sydney.
income (DI) of $99.8 million for 2H 2020, the Manager remained focused on proactive steps in managing the
2. KORE’s distributable
bringing FY 2020 DI to $194.6 million, executing its portfolio optimisation COVID-19 situation. As at 31 December income of US$58.6
an increase of 2.8% from FY 2019. The strategy during the year. The 2020, Keppel REIT’s tenant relief million for FY 2020
improvement in DI for FY 2020 was due acquisition of a 100% interest in was 15.4% higher
measures were estimated to amount
year-on-year, driven
mainly to contributions from T Tower Pinnacle Office Park, a freehold to approximately $14.6 million. This by contributions
and Victoria Police Centre, as well as Grade A commercial property within included the full pass-through of from One Twenty
lower borrowing costs. The year-on- Macquarie Park in Sydney, was Five (pictured) and
property tax rebates and cash grants
higher rental income
year increase was partially offset by the announced in September 2020 and from the Singapore Government, which from the rest of the
2
absence of income from Bugis Junction completed on 31 December 2020. amounted to approximately $9.9 million, portfolio.
Towers, which was divested in November On 23 December 2020, Keppel REIT as well as rental waivers for eligible
2019, the impact of COVID-19 tenant relief announced the proposed acquisition tenants. Rental collection for 4Q 2020
measures and the cessation of rental of a 100% interest in Keppel Bay was also at a healthy 98%.
support1. Tower, a Grade A office building in Keppel Pacific Oak US REIT Financial Results
HarbourFront, Singapore. These To facilitate tenants’ return to the
Distribution per unit (DPU) for 2H 2020
was 2.93 cents, bringing DPU for FY 2020
acquisitions complement the REIT’s
core CBD offering and are consistent
workplace, the Manager will continue to
adopt measures to provide a safe
Strong performance
to 5.73 cents, which was a 2.7% increase with its strategy of strengthening and and conducive work environment. While
over the previous year. Distribution yield as diversifying its portfolio, while staying telecommuting has become widely
at end December 2020 was 5.1% based on focused on its core markets. adopted during the COVID-19
Keppel Pacific Oak US REIT (KORE) Seattle – Bellevue/Redmond, Atlanta KORE has no long-term debt refinancing
the market closing price of $1.12 per Unit. pandemic, the Manager believes that
has achieved distributable income (DI) and Sacramento. This brought KORE’s requirements until November 2022. As at
As at 31 December 2020, Keppel physical offices will remain a necessity,
of US$29.5 million for 2H 2020, bringing portfolio committed occupancy to 92.3% 31 December 2020, KORE’s all-in average
As at 31 December 2020, Keppel REIT’s REIT’s portfolio committed although the form and functions
DI for FY 2020 to US$58.6 million, 13.4% as at 31 December 2020. Rental reversion cost of debt was 3.22% p.a., average term
all-in interest rate was lower at 2.35% per occupancy remained high at of the office will evolve. The Manager
and 15.4% above 2H 2019 and FY 2019 for FY 2020 was 10.2%, driven mainly to maturity was 2.9 years and interest
annum compared to 2.77% per annum a 97.9%, while portfolio and top 10 will continue to optimise Keppel REIT’s
respectively. The increased year-on-year by strong rental growth from leasing coverage was 4.7 times.
year ago. Aggregate leverage was 37.3% tenants’ WALE remained long at portfolio and calibrate its leasing
performance was driven by contributions activities in Seattle – Bellevue/Redmond,
with a weighted average term to maturity approximately 6.7 years and 11.8 years and investment strategy to meet
from One Twenty Five in Dallas, Texas, Sacramento and Austin. Notwithstanding the progress in the
of 3.2 years. respectively. potential shifts in occupier demand.
which was acquired in November 2019, roll-out of COVID-19 vaccination
proactive efforts to drive leasing, built- Average rental collection for FY 2020 programmes, the pandemic continues
in rental escalations and positive rental was approximately 99%. During the year, to spread internationally, and its full
reversion across its portfolio. the Manager granted rent relief requests economic and social impact remain to
equivalent to approximately 0.8% in be seen.
Distribution per unit (DPU) for 2H 2020 economic impact on net property income
Footnote
1 was 3.13 US cents, 4.0% above 2H 2019’s (NPI). To date, none of its top ten tenants The Manager remains focused on its long-
1. Refers to rental support in relation to Marina
Bay Financial Centre Tower 3, which was fully DPU of 3.01 US cents. This brought FY have requested for rent relief. 2H 2020 saw term goal of delivering stable distributions
drawn in 1Q 2019. 2020 DPU to 6.23 US cents, 3.7% higher rent relief requests continue to trend lower, and strong total returns for Unitholders.
than FY 2019’s DPU of 6.01 US cents. with almost half of the tenants who had While leasing activities are likely to remain
Distribution yield as at end-2020 was their rents deferred starting their repayment slow across the US, due to the continued
9.0% based on the market closing price of schedules. The weighted average lease impact of COVID-19, the Manager has
US$0.690 per Unit. expiry by CRI for KORE’s portfolio was 3.8 started proactive engagement with
years. Tenant concentration risk remains low tenants whose leases are due for renewal
In FY 2020, KORE committed with the top 10 tenants accounting for only in 2021. The Manager’s continued prudent
approximately 367,000 sf of office space, 20.2% of CRI. approach towards capital management
equivalent to about 7.8% of its total and its proactive leasing efforts will also
portfolio by net lettable area (NLA). Following the Manager’s early refinancing see KORE capture rental escalations and
Most of the leasing activity occurred in of its borrowings due in November 2021, positive rental reversions as leases expire.16
Including Amsterdam Data Centre, Keppel DC REIT’s AUM was approximately $3 billion as at 31 December 2020.
Keppel DC REIT Financial Results
Steady growth
Keppel DC REIT achieved a distributable Together with the acquisitions of the As at 31 December 2020, the REIT’s
income (DI) of $81.9 million for 2H 2020. remaining 999-year leasehold land portfolio occupancy rate remained high
This brought the DI for FY 2020 to interest at Keppel DC Dublin 1 in Ireland at 97.8% with a long weighted average
$156.9 million. The growth in DI was and Kelsterbach Data Centre in Germany lease expiry (WALE) of 6.8 years.
supported by full year contributions in 1H 2020, the strategic addition of
from Keppel DC Singapore 4 and DC1, as Amsterdam Data Centre strengthened In January 2021, the Manager expanded
well as new acquisitions in Europe. Keppel DC REIT’s foothold in Europe. the REIT’s $500 million Medium Term
As at 31 December 2020, Keppel DC Note Programme to a $2.0 billion
Keppel DC REIT declared a distribution REIT’s assets under management was Debt Issuance Programme, which will
per unit (DPU) of 4.795 cents for 2H approximately $3.0 billion, an increase provide greater flexibility to tap the
2020, bringing the FY 2020 DPU to 9.170 from $2.6 billion as at 31 December 2019. market for acquisitions and growth.
cents. Keppel DC REIT delivered total Keppel DC REIT’s average cost of debt
Unitholder returns of 38.4% for FY 2020, The Manager had also embarked on remained low at 1.6% per annum and its
and 311.6% since listing in December several asset enhancement initiatives interest coverage ratio remained high at
2014, as at 31 December 2020. to further optimise portfolio returns. The 13.3 times as at 31 December 2020. The
fitout of a new data hall at Keppel DC REIT ended the year with an aggregate
In end-December 2020, the Manager Singapore 5 (Keppel DC SGP 5) was leverage of 36.2%, which will provide a
completed the acquisition of Amsterdam completed and handed over to the client comfortable debt headroom to capture
Data Centre, a shell and core data in 4Q 2020. Meanwhile, the fit out works growth opportunities.
centre facility and office property in the at DC1 is expected to be completed in
Amsterdam Metropolitan Area, for €30.0 1Q 2021, and the conversion of additional Keppel DC REIT was also recognised for
million (approximately $48.1 million). space at Keppel DC Dublin 2 into a data upholding strong corporate governance
The data centre is located within the hall remains on track for completion in and transparency, ranking second in the
Schiphol-Rijk business park where the 1H 2021. In Sydney, Australia, Intellicentre Governance Index for Trusts (GIFT) and
Amsterdam Internet Exchange, one of the 3 East Data Centre has topped out in 15th in the Singapore Governance and
world’s largest in terms of connection and October 2020 and is also on track for Transparency Index under the REITs and
traffic, has a point of presence. completion in 1H 2021. Business Trusts Category.17
First closing for Keppel’s second
data centre fund
Building on the success of its first Mr Alvin Mah, CEO of Alpha, said, “The Mr Wong Wai Meng, CEO of
data centre fund, Keppel Capital has COVID-19 pandemic has accelerated Keppel Data Centres, said, “We are
launched Keppel Data Centre Fund the pace of digitalisation for many collaborating with industry leaders to
II (KDC Fund II), which will focus on businesses and governments alike and explore how the carbon footprint of
making strategic investments in the further spurred the growth of the data data centres can be reduced, including
fast-growing data centre sector in Asia centre sector. Riding on this growth, through the development of floating
Pacific and Europe. With a target fund Keppel Data Centre Fund II will continue data centre parks, tapping cold energy
size of US$1 billion, KDC Fund II has to leverage the Keppel Group’s expertise released from LNG re-gasification for
attracted initial capital commitments and network to seize opportunities in cooling, hydrogen infrastructure for
from various financial institutional this burgeoning sector and connect our power generation, and accelerating the
investors and achieved a first close of investors with quality investments.” adoption of renewable energy as well
more than US$500 million. as the development of carbon capture,
KDC Fund II will tap on the Keppel utilisation and sequestration systems.”
KDC Fund II is managed by Alpha Group’s know-how in sustainable
Investment Partners (Alpha), a private technology and energy-efficiency to In addition, KDC Fund II and Keppel
fund manager under Keppel Capital. KDC develop greener data centres. One of Data Centres will tap on the expertise of
Fund II will leverage Keppel Data Centre’s the key business imperatives in the data other business units in the Group, such
expertise in developing, operating and centres sector is the reduction of carbon as Keppel Infrastructure and Keppel
maintaining quality data centres to capture emissions as data centres consume Renewable Energy, in aspects such as
investment opportunities in greenfield and large amounts of energy to power as cooling and use of renewable energy to
brownfield data centre assets. well as cool computing equipment. enhance its data centre solutions.
Building on the
success of its first data
centre fund, Keppel
Capital has launched
Keppel Data Centre
Fund II.18
Renewable energy solutions
In line with Keppel’s Vision 2030 which KRE will acquire the 45% stake for a yield, KRE intends to employ the most
puts sustainability at the core of the nominal sum of AUD$540 (approximately modern solar module technology such as
Group’s strategy, business units have $545). In addition, it will provide a loan of bifacial panels as well as adopt single axis
seized opportunities in renewable energy up to AUD$3.24 million (approximately trackers, which will enable the panels to
such as solar and offshore wind. $3.28 million) to Harlin Solar for funding follow the path of the sun.
development costs of the project. Upon
Solar energy reaching certain agreed development Expected to have a capacity of at least
Committed to pursuing opportunities as milestones, Keppel has options to 500 MW, the project will generate enough
a developer and operator of renewable acquire all the remaining stakes in energy to power more than 142,000
energy infrastructure, Keppel Renewable Harlin solar for an aggregate maximum average Australian homes. This would
Energy (KRE) on 22 December 2020 consideration of AUD$52.35 million mean a saving of some 800 kilotonnes of
signed an agreement1 to acquire a 45% (approximately $53.01 million). carbon emissions per year as compared
stake in Harlin Solar Pty Ltd (Harlin Solar) to the power generated for the current
to develop a large-scale, greenfield solar KRE will take the lead role in the Queensland energy grid.
farm in Queensland, Australia. This is development and management of the
KRE’s first solar farm project. construction and operation of the solar Construction of the solar farm is
farm. This includes undertaking the grid projected to commence in 2022 and be
KRE’s partners in Harlin Solar are connection studies, assessing the site and completed in 2023. When operationally
Mr Anthony Youssef, a veteran developer technology requirements, sourcing for ready, the solar farm will be connected
in Queensland, Australia, as well as New off-takers as well as project management to the national energy market (NEM) for
Energy Development, an Australian of the Engineering, Procurement, public consumption and will also provide
Renewable Energy company. The Construction (EPC) of the solar farm. renewable energy through the NEM to
acquisition is subject to approval by businesses seeking sustainable energy
Australia’s Foreign Investment Review The project will be located on a more solutions, including Keppel-related
Board. than 2,000-ha site. To maximise energy companies in Australia.
“This project reflects Keppel’s continuing journey to support the
world’s energy needs through renewables. It is part of Keppel’s
Vision 2030, which includes a long-term target of growing the
Group’s portfolio of renewable energy assets to 7 GW by 2030.
“Keppel Renewable Energy will collaborate with other business
units and harness the technical and commercial capabilities
across the Group to develop, own and operate renewable energy
infrastructure in a cost-efficient, safe and reliable manner.
We can also work with the Group’s asset management platforms,
such as the Keppel Asia Infrastructure Fund, to help fund the project.”
Mr Chris Ong,
MD of Keppel Renewable Energy
1. Through KRE Anchorage Pte Ltd, a wholly-owned subsidiary of Keppel Renewable Energy.You can also read
