Keppel Infrastructure Trust (KIT) is acquiring a 50% interest in Marina East Water (MEW), which owns the Keppel Marina East Desalination Plant (KMEDP) in Singapore’s East.
Upon completion of the acquisition, KIT and its sponsor, Keppel, will own a 50% joint-controlling stake in MEW, which has an enterprise value of S$323m (€288m).
Located at Marina East, KMEDP is Singapore’s only large-scale, dual-mode desalination plant, which can treat both seawater and freshwater.
Keppel was awarded a contract by Singapore’s National Water Agency PUB to design, build, own and operate KMEDP, with a 25-year concession.
KIT currently owns two water treatment plants in Singapore. Like KMEDT both facilities are also operated by Keppel’s infrastructure division.
Cindy Lim, CEO of Keppel’s infrastructure division, said: “Since commencing commercial operations in June 2020, the Keppel Marina East Desalination Plant has consistently delivered strong availability and high-quality water.
“Keppel’s infrastructure division will be operating and maintaining the plant until 2045, generating steady recurring income while supporting PUB’s mission of ensuring a diversified and sustainable supply of water for Singapore.”
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