A consortium comprising Singapore’s Keppel DHCS, Thai renewable energy company BCPG Public Company, and Thai engineering consultancy firm TEAM Consulting Engineering and Management Public Company Limited (TEAM GROUP), was awarded a contract by the Property Management of Chulalongkorn University (PMCU) for a District Cooling System (DCS) on July 23, 2020.
The contract is worth over THB 7.5 billion ($329 million).
The partners in the consortium will form a joint venture (JV) to design, build, operate, and transfer the core and shell of the DCS plant, as well as the assets in the DCS.
Keppel DHCS will hold a 26% stake in the JV, with the rest being held by BCPG and TEAM GROUP.
Keppel DHCS will also lead the operations and maintenance of the DCS plant for 20 years.
The plant, which is located in the prime Sam Yan commercial area in Bangkok, Thailand, will have a projected cooling load of 18,000 Refrigeration Tonnes (RT) to serve the cooling needs of eight developments that include offices, residential, as well as retail properties.
The plant, which is said to be a cost-effective and greener alternative to conventional air-conditioning systems through its leveraging on a centrally-located chilled water plant, will be developed over three phases. Its first phase is expected to be operational in 4Q22.
As at 1.06pm, shares in Keppel Corp were changing hands 4 cents higher, or 0.7% up, at $5.97.