Keppel Core Infrastructure Fund acquires 39% stake in Keppel Merlimau Cogen Plant

Keppel Infrastructure Trust will hold 51% of KMC.

Keppel Core Infrastructure Fund (KCIF) has acquired a 39% stake in the Keppel Merlimau Cogen Plant (KMC), making it its first asset.

The transaction will allow KCIF to anchor its portfolio with an established asset and stable cash flows as the fund expands.

Keppel Infrastructure Trust will continue to hold 51% of KMC, with the remaining 10% retained by Keppel Ltd. (Keppel).

KCIF is an open-ended infrastructure fund with a target size of $3.36b (US$2.5b), focused on highly defensive infrastructure assets in developed Asia Pacific markets.

These target assets provide stable, long-term cash flows, supported by proven operating track records and long concessions with strong counterparties in well-regulated sectors.

KMC, a 1,300 MW combined-cycle gas turbine power plant on Jurong Island, supplies about 14% of Singapore’s electricity and is expected to complete upgrades in the second half of 2025.

($1=US$0.74)