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Infrastructure & PPPs in Singapore, Laos and Cambodia - Q1 2024 Update

YOG INFRA Q1 2024 insights

We see very encouraging developments in infrastructure developments across SINGAPORE, LAOS and CAMBODIA, across varied infrastructure sectors being supported by PPs and private sector participation. SINGAPORE is taking noteworthy steps to promote CCU(S) projects with private sector and other ASEAN governments, rooftop solar and data centres. LAOS continues to see international investments, bilateral partnerships with neighbouring countries such as Vietnam and Thailand, in developing the transport & logistics sector. CAMBODIA is implementing previously annouced projects in clean energy and urban infra sectors.

Read the latest developments in Infrastructure and PPPs in the three countries in our latest insight.

 

Singapore

EXXONMOBIL AND SHELL TO JOINTLY LEAD SINGAPORE CCS PROJECT

A consortium comprising oil giants ExxonMobil and Shell, called S-hub, will be the lead developers of a cross-border carbon capture and storage (CCS) project of the Singaporean government. Commitment to proceed will be subject to definitive agreements between the parties.  The Singapore Economic Development Board and S-Hub signed a memorandum of understanding in December 2023 to coordinate the planning and development of the CCS project, capable of capturing and permanently storing at least 2.5 Mn tons of carbon dioxide a year, by 2030.

The project aims to capture and securely store carbon dioxide emissions from deep underground or under the seabed. Storage sites will be selected after an analysis to ensure suitability.


SINGAPORE AND INDONESIA TO COLLABORATE ON CROSS-BORDER CARBON CAPTURE and STORAGE

A legally-binding agreement to facilitate the transportation and storage of carbon dioxide between Singapore and Indonesia has been inked as part of their collaboration on cross-border carbon capture and storage (CCS). 

Singapore became the first nation to sign a Letter of intent (LOI) with Indonesia. By signing this LOI, Singapore and Indonesia will be able to lead the way in accelerating the implementation of cross-border CCS projects throughout Southeast Asia.

 

SINGAPORE WASTE BUSINESS ATTRACTS 30-PLUS POTENTIAL BIDDERS

Non-disclosure agreements have been signed by over 30 parties in the Beijing Capital Group's ECO Special auction in Sinagpore.  The reliable sources include Actis, I-Squared, Keppel, KKR, Macquarie Asset Management, Sembcorp, and Stonepeak. 

In 2023, KKR and Actis took part in Sembcorp's unsuccessful Sembwaste auction. In 2022, Keppel Infrastructure Holdings and Keppel Asia Infrastructure Fund paid SGD 304 Mn to acquire 80% of another Singaporean waste company, 800 Super.  ECO is predicted to fetch a price of around SGD 500 Mn.


 

EMPYRION DC SECURES ITS FIRST GREEN LOAN OF USD 133 Mn FOR SG1 DODID DATA CENTRE

The SG1 Dodid Data Centre (also known as "SG1 Dodid") is being refinanced with a USD133 Mn five-year secured green term loan from United Overseas Bank (UOB).  The company will use the proceeds to refinance maturing loans and support existing operations for its 12.5 MW SG1 Dodid Data Centre.

Empyrion DC is currently developing a 40 MW data centre in Seoul, South Korea. It is scheduled to be completed in 2025.


KEPPEL TO INSTALL ROOFTOP SOLAR PANELS AT SINGAPORE AIRPORT

Changi Airport will have the largest rooftop solar panel installation in Singapore. Keppel has been contracted by Changi Airport Group (CAG) to design, construct, own, and run the solar photovoltaic (PV) system for a 25-year period.

The system would be installed on the rooftop sections of Changi Airport's terminal buildings, auxiliary structures, airfield, and cargo facilities.

When the solar PV system is finished, its total generation capacity will be 43 mega-watt peak (MWp). Of that, 38 MWp will be installed on rooftops, while the remaining 5 MWp will be planted at a turf area spanning 40,000 square meters (sqm) inside Changi Airport's airport, outside of areas designated for aircraft operations.


SINGAPORE UTILITY WINS HYDROGEN-READY COMBINED CYCLE PLANT CONTRACT

Singapore's Energy Market Authority (EMA) have been granted permission to construct, acquire, and run a combined cycle gas turbine unit with a minimum 600 MW capacity that is ready for hydrogen. The keppel sakra cogen plant, which will be constructed on jurong island and have the capacity to generate up to 600mw of energy, can run exclusively on clean-burning hydrogen in the future.

The combined cycle gas turbine power plant developed by Keppel Infrastructure will use natural gas as its primary fuel. The plant is built to run on fuels with a 30% hydrogen component, which emits less carbon than fossil fuels and may be converted to run solely on hydrogen.


SINGTEL COLLABORATES WITH NVIDIA TO BRING AI TO SINGAPORE AND SOUTHEAST ASIA

In order to provide businesses in the area with access to NVIDIA's full-stack AI platform, Singtel has joined the NVIDIA Partner Network Cloud Program. Nxera is currently building a portfolio of AI-ready, hyper-connected, and sustainable data centers. The Singtel would provide AI access to NVIDIA graphics processing unit clusters for businesses hosted on Nxera's platform.

Nxera wants to build a 200 MW pipeline. It is constructing three AI data center facilities in Singapore and have a 62 MW operational capacity. A 58 MW facility is located in Singapore, another in Indonesia with Telkom and Medco Power, and a third in Thailand with Gulf Energy and AIS are among them. Singtel plans to gradually close five of its older data centers in Singapore in order to concentrate on building green buildings with Nxera.



Laos


LAOS SEEKS INTERNATIONAL INTEREST FOR HIGHWAY PPP

The Laotian government is seeking preliminary interest for a public-private partnership (PPP) highway project to connect the southwestern part of the country to the Vietnam border. The authorities will likely want the private sector to entirely finance the 202 km motorway, adding that the government will jointly form a cost estimate with a selected concessionaire. It would prefer to award a contract to a company with some experience of highway PPPs.

The project will run between Pathoumphone district in Champasak province and the Phu Kuea border point with Vietnam. Feasibility studies and an environmental impact assessment will be done after the government signs a memorandum of understanding with the selected bidder.  The Laotian government has been seeking foreign interest for its infrastructure PPPs. In 2021, it was looking for Chinese investors in a proposed highway to connect the capital city of Vientiane to the Vietnamese border. Some Chinese companies, including the China Railway Group and Yunnan Construction Investment, are already involved in projects in Laos.


KOREA AIRPORT CORPORATION SEEKS PPP CONTRACT FOR LAOS’ LUANG PRABANG AIRPORT

The Laotian government and Korea Airports Corp. (KAC) have inked a partnership agreement to build and enlarge Luang Prabang's international airport.

The project entails building commercial buildings, such as food courts and car rental kiosks, and renovating and expanding the airport's runways and terminals. Korea Airports will be in charge of the airport's development and administration.

The feasibility study and construction phases of the project are the two stages that the Korea Airports Corp (KAC) plans to carry out. A six-month feasibility evaluation comprising demand forecasting, an enhancement plan for the airport operation system, and an environmental impact assessment will be part of the first phase. The establishment of a Team Korea collaboration to carry out airport development and enhancements is the main objective of the second phase.



Cambodia

CAMBODIA-UK COLLABORATE ON RENEWABLE INFRASTRUCTURE

Cambodia and the UK have agreed  to collaborate  in advancing the development of green infrastructure and renewable economic zone (Green SEZ) projects. This cooperation will involve the sharing of knowledge, providing training, and raising awareness of the public-private partnership (PPP) cycle.

The mechanism recognizes that the state budget alone cannot pay for the expenses and seeks to maintain economic growth and productivity with the aim of reaching upper-middle-income status by 2030 and high-income status by 2050.


SIHANOUKVILLE TERMINAL DUE FOR COMPLETION BY 2026

The parent company of Cambodia airports, VINCI Airports, plans to finish building a new terminal at sihanoukville international airport (KOS) by 2026 in order to take advantage of anticipated increases in tourism to the nation's coastal regions.

Through its subsidiary, VINCI has managed Cambodia's three international airports—KOS International Airport, Phnom Penh International Airport (PNH), and formerly Siem Reap International Airport (REP)—for more than 25 years.  After investing USD 270 Mn in transportation infrastructure, the airports handled 10 Mn passengers in total in 2019.  The seaside town of Sihanoukville, which attracts many visitors from abroad, has grown significantly since regular flights to the location started operating in 2011.


CAMBODIAN CONGLOMERATE SEEKS FOREIGN PARTNERS FOR RENEWABLES PROJECTS

The Cambodian conglomerate Overseas Cambodian Investment Corporation (OCIC Group) is open to joint venture partnerships with foreign companies in an effort to expand its operations and venture into renewable energy (RE) projects.

The conglomerate is planning to enter Cambodia’s energy sector through RE projects, particularly solar power, but it needs the technical expertise of foreign partners. An additional 900 Mw of power are anticipated to be needed by Cambodia, which might equate to two or three new power plants

 

ABOUT YOG INFRA

Our objective is to drive economic growth and make positive social impact through sustainable infrastructure development. ​

YOG INFRA is an infrastructure focused financial advisory firm. We work with Developers and Development Finance Institutions (DFIs) and help them make informed investment decisions across infrastructure development lifecycle.

With our offices in Singapore, India and UAE, we work on projects globally, and the team brings strong experience in supporting development of infrastructure projects.


For more information about us, our service offerings and team, please visit www.yoginfra.com Contact us at info@yoginfra.com


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