Singapore’s Keppel aims to expand data centre capacity, FUM amid AI boom

SINGAPORE: Keppel said on Thursday ( Oct 24 ) it plans to more than double its data centre funds under management ( FUM) and expand its capacity, as the firm tries to tap into the artificial intelligence frenzy, driving digital infrastructure investment.

Keppel said it aims to more than double its data centre FUM, from the current S$ 9 billion ( US$ 6.80 billion ) to S$ 19 billion in the near-term.

It intends to increase its data center portfolio from its current 650 megawatt ( MW) capacity to its current 1.2 gigawatt ( GW ) gross power capacity in the near future.

In response to the rise in demand for digital network required to support the development of AI technology, businesses are increasingly using artificial intelligence to optimize operations.

In recent years, the Asia-Pacific area has seen a surge in data center investments, with Blackstone-led partnership acquiring larger information center group AirTrunk for US$ 16 billion in first September.

Keppel already has the power, technological know-how, strong customer relationships with large-scale computing service providers ( hyperscalers ), as well as multiple sources of funding to increase its data center power capacity.

The business is even involved in digital infrastructure projects like the Bifrost Cable System, a deepwater cable system that connects Singapore to the east coast of North America, and has a collection of 35 data centers spread out across important data centers in Asia-Pacific and Europe.

Separately, the global resource manager reported a largely intact actual net profit for the nine-month period ended September 30 in comparison to last year.

Its frequent income increased by 14 % from the previous year, helped by increased contributions from both operating income and property management.

Keppel stated that its system department plans to expand its chilling business and increase its energy supply to 3.0 GW by 2030.