Keppel Infrastructure Trust to buy 50% stake in Keppel Marina East Desalination

As the sponsor, this will entitle Keppel Infrastructure Trust to 100% economic benefit from MEW.

Keppel Infrastructure Holdings and Keppel Infrastructure Fund Management will purchase a 50% stake in Marina East Water (MEW), which owns the $323m Keppel Marina East Desalination Plant (KMEDP).

As the sponsor, this will entitle Keppel Infrastructure Trust (KIT) to 100% economic benefit from MEW after receiving in-principle approval from PUB, Singapore’s National Water Agency.

Upon completion by the first quarter of 2025, operations and maintenance of KMEDP will be continued by Keppel’s Infrastructure Division until the end of the plant’s concession period in 2045.

Keppel Infrastructure Fund Management, as trustee-manager of KIT, will fund the investment with internal sources and existing debt facilities of KIT.

KIT’s assets under management will grow from $8.7b as at 30 September 2024 to $9b upon acquisition.

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