Keppel expands energy-as-a-service presence in Vietnam

Libera Nha Trang comprises office, retail and residential spaces and a substantial hotel component with around 3,000 hotel rooms.

Keppel expands energy-as-a-service presence in Vietnam

Under this agreement, Keppel and KDI Holdings will work to finalise a long-term agreement worth approximately S$128 million (around $94.9 million) for the Phase 1 development of Libera Nha Trang.

Phase 1 encompasses 15.6 hectares with over 230,000 square metres of Gross Floor Area. Subject to finalisation of the agreement, Keppel expects to commence its provision of cooling-as-a-service to Libera Nha Trang by end of 2024.

Separately, Keppel has commenced cooling service operations for a prime commercial development in District 1, Ho Chi Minh City, on March 1.

As part of the EaaS solution deployed there, Keppel is providing energy efficient cooling for over 130,000sq.m and is expected to achieve over 2,600 tonnes of carbon abatement annually.

Both projects will be monitored by Keppel’s Operations Nerve Centre in Vietnam, powered by its proprietary algorithm.

Keppel will be able to remotely monitor and optimise all energy assets in Vietnam in real-time, leveraging digital technology, AI and machine learning. This significantly enhances the efficiency, reliability and scalability of Keppel’s EaaS solutions, delivering superior sustainability performance and economic value to its customers and users.

According to Ton That Minh Quan, director, Keppel EaaS Vietnam, Keppel’s Infrastructure Division, the company is excited to expand Keppel’s EaaS solutions in Vietnam, which are increasingly sought after as companies look to decarbonise their operations.

Do Anh Tuan, vice president of KDI Holdings, said that throughout a journey of more than a decade of development, KDI Holdings had consistently aimed for sustainable development in all business areas of the group.

“Especially in the Real Estate sector, we believe that partnering with Keppel, a corporation with extensive experience, will bring smart energy solutions to create a comprehensive green urban area and promote sustainable development in Libera Nha Trang,” said Anh.

Including the Libera Nha Trang project, Keppel’s Infrastructure Division has secured nearly $215 million worth of EaaS contracts in Vietnam and is set to deliver close to 15,300 refrigeration tonnes of cooling capacity under management in Vietnam.

These achievements encompass recent secured contracts for Republic Plaza Holiday Inn, Republic Suites, and the prime commercial development in District 1, Ho Chi Minh City.

Keppel’s EaaS solution, the first of its kind in the region, offers a long-term subscription service with zero or minimal upfront capital investment.

This comprehensive offering includes sustainable cooling solutions, energy storage, installation and operation of photovoltaic solar panels as well as smart electric vehicle charging stations.

Libera Nha Trang comprises office, retail and residential spaces and a substantial hotel component with around 3,000 hotel rooms

Keppel expands its energy-as-a-service footprint in Asia Keppel Corporation, through its Infrastructure Division, has secured contracts worth over $70 million to provide long-term energy-as-a-service (EaaS) to Republic Holiday Inn, Republic Suite Plaza, and Estella Place in Ho Chi Minh City, as well as Grand Mercure Quang Binh.

Investment opportunities open in Vietnam's green real estate market As Vietnam continues to undergo rapid urbanisation, underpinned by economic growth and an expanding middle class, coupled with the improvement in infrastructure networks, the country continues to offer tremendous opportunities for investors, according to Wong Wai Foo, head of Sustainable Urban Renewal in Vietnam, Keppel Corporation, at the Sustainable Development 2023 conference held by Vietnam Investment Review on November 16.

Well-positioned to capture growth opportunities in Vietnam The global operating environment was challenging in 2023, with geopolitical conflicts, slow global growth, high interest rates, and extreme climate events. The Vietnamese economy, including its domestic real estate market, was not immune to these challenges.