Global asset manager Keppel has signed a non-binding Memorandum of Understanding (MoU) with the Japan Bank for International Cooperation (JBIC) to establish a clean energy supply chain across Asia to support the energy transition and sustainable digitalization in the region.

Under the terms of the MoU, the companies will cooperate in a range of sectors including renewable energy development, electrical transmission, hydrogen ammonia, data centers, and subsea cables.

According to the companies, the collaboration will leverage the experience of Keppel’s Energy Nexus subsidiary in sustainability and connectivity, with JBIC’s financing and business networks. The partners aim to support carbon neutrality and economic growth across Asia and finance Keppel’s portfolio of projects in the low-carbon energy and electricity importation sectors.

“By combining Keppel’s deep expertise in sustainability and digital infrastructure, with JBIC’s financial strengths and the advanced technology of Japanese enterprises, we are well-positioned to build a robust energy supply chain together, setting new standards for sustainable development in Asia while generating value for our stakeholders,” said Chua Yong Hwee, managing director of Keppel Energy Nexus.

Keppel has several active cross-border projects within the Asian market. These include a conditional offtake agreement with Woodside to purchase liquid hydrogen to power its data center portfolio in Singapore.

In addition, Keppel is also in the process of significantly expanding its data center portfolio in the region. Its data center portfolio currently totals 35 facilities across Europe and Asia Pacific, with 650MW of power capacity.

The company has around 200MW of capacity in Singapore, 350MW across the rest of APAC (Australia, Japan, China, and Malaysia), and 100MW in Europe (UK, Germany, Ireland, Italy, and the Netherlands).

To support its growth in Singapore, the company plans to double its energy supply to 3GW by 2030 through power generation and regional importation.

The company is also developing two new subsea cable systems with more than 30 fiber pairs connecting Southeast Asia to the rest of Asia and beyond. This includes the Bifrost Cable System, a trans-Pacific cable system connecting Singapore, Indonesia, the Philippines, the United States (Guam, Grover Beach, Winema), and Mexico.

Late last year, the company signed a strategic framework agreement with Amazon Web Services to collaborate on data centers, subsea cables, and renewable energy.

JBIC is Japan’s export credit agency. It was created in 1999 through the merger of the Japan Export-Import Bank and the Overseas Economic Cooperation Fund.