Keppel Limited and ENGIE Energy Market Singapore (Engie) have signed a memorandum of understanding (MOU) to collaborate on developing innovative energy solutions for low-carbon energy systems.

The agreement was announced during the ASEAN-France Forum at Singapore International Energy Week, an event organized by the Energy Market Authority (EMA).

Keppel stated that the partnership will leverage its expertise in power generation, decarbonization, and energy transition solutions, combined with Engie’s global experience in integrated low-carbon energy systems.

The collaboration aims to accelerate innovation and deliver scalable solutions to support sustainable energy adoption and investment across the Asia-Pacific region, including hard-to-abate sectors.

Under the MOU, the two companies will focus on optimizing energy systems and price risk management, advancing low-carbon and renewable energy solutions, expanding renewable power purchase agreements (PPAs), enhancing energy storage and flexibility capabilities, and developing integrated energy solutions. Additionally, they will work on fostering innovation, market development, and policy collaboration to accelerate the energy transition.

Shares of Keppel closed at $9.89 on October 29, up 5 cents or 0.508% for the day.