Keppel Infrastructure Trust (A7RU) has published detailed responses to substantial and relevant questions submitted by unitholders in advance of its Annual General Meeting scheduled for Apr, 29 2026.

The trustee-manager explained that the 28 percent year-on-year drop in distributable income from Keppel Merlimau Cogen to 26.7 million Singapore dollars stemmed from the resumption of two scheduled loan repayments in FY 2025, rather than operational issues.

Regarding the Aramco Gas Pipeline Company investment, KIT received cumulative dividends of 31 million Singapore dollars and an additional cash surplus of 51 million Singapore dollars in FY 2025, both recognised as funds from operations under the trust deed.

The European Onshore Wind Platform’s 38.1 percent fall in distributable income was attributed to lower merchant electricity prices in Norway and Sweden, while the Borkum Riffgrund 2 offshore wind farm booked a non-cash impairment of 38.5 million Singapore dollars after unusually low wind speeds in 1H 2025.

For Singapore assets, the Senoko Waste-to-Energy Plant showed lower contributions after its service agreement extension at reduced rates, partly offset by the first full-year income from Keppel Marina East Desalination Plant, whose FY 2025 funds from operations met projections.

Eco-Management Korea posted negative funds from operations of 5.9 million Singapore dollars due to weaker landfill prices, which the trustee-manager views as cyclical. Ventura’s 100 percent basis funds from operations increased year-on-year, and the trust reiterated that its partial sale of a 25 percent stake in Ventura generated part of the 301 million Singapore dollars net proceeds raised through two divestments in 2025.

KIT confirmed it has refinanced a 663 million Singapore dollars asset-level loan at Ixom and secured funding options, including a newly priced 200 million Singapore dollars seven-year medium-term note, to cover remaining 2026 maturities, eliminating any going-concern concerns.

Capital will continue to be allocated based on cash-flow durability, return potential and alignment with decarbonisation, urbanisation and digitalisation trends, the trustee-manager said, adding that rising global energy prices linked to the Middle East conflict have had limited impact on the largely contract-protected portfolio.