Keppel Limited

The hydrogen-compatible combined cycle gas turbine power plant is on track to commence operations in 1H2026.

The proposed acquisition by KDC REIT is expected to be accretive to its DPU by 8.1%.

Keppel and KIT will each hold a 50% equity interest for the plant, which has an enterprise value of $323 million.

Chua Hsien Yang will replace Koh Wee Lih as CEO of Keppel REIT from Jan 1, 2025.

PhillipCapital's Paul Chew believes Keppel's 3QFY2024 net profit fell due to lower real estate earnings while Citi's Brandon Lee attributes the decline to a lack of valuation and divestment gains.

The group will also work with Tata Power to jointly offer cooling-as-a-service solutions across the country.

The group says it aims to expand its data centre capacity to 1.2 GW from 650 MW.

The campus is set to be developed in two phases and is expected to be ready for service in 2026.

The term sheet follows the signing of a non-binding heads of agreement between both companies in April 2023.

Shares in Keppel closed 12 cents lower or 1.81% down at $6.53 on Oct 8.