Singapore, Jan 18, 2026, 15:21 SGT — Markets have closed for the day.
- Keppel closed Friday 1.0% higher, finishing at S$10.90. 1
- The company disclosed a 720-megawatt “powerbank” project for an AI data centre campus close to Melbourne in an exchange filing. 2
- Investors have their eyes on Keppel’s full-year results set for Feb 5. 3
Keppel Ltd shares ended at S$10.90, gaining 1.0%, hitting the upper limit of their 52-week range. The rally follows the company’s move to secure power for a new AI data centre campus in Australia. 4
The move matters because power is the bottleneck. In many markets, developers can secure land easily enough, but gaining grid access and cooling water often drags on—and that can determine who lands the customer.
Keppel’s “powerbanking” strategy boils down to this: secure power, water, and fibre upfront, then attract tenants or long-term investors once the site is set. It lets them stay connected to projects without committing to construction prematurely.
A report from Data Center Dynamics on Friday revealed Keppel’s Connectivity Division has secured leasing rights for a 123-hectare site near Morwell, Victoria, from Lightwood Group. The location offers a gross power capacity of up to 720 MW. However, specific details about the planned facilities remain undisclosed. Deputy CIO Lee Hui Fang said Keppel intends to “commit capital only when customer interest is clear.” 5
Keppel is expanding its Asia-Pacific data-centre powerbank pipeline from over 300 MW to more than 1 gigawatt. The company will pay an annual access fee to get early-stage work underway, including planning approvals and securing power and water contracts, ahead of its private data centre funds signing long-term leases. Highlighting Melbourne’s tight colocation market—with a 4% vacancy rate projected for Q4 2025—Keppel noted the project won’t significantly affect earnings per share or net tangible assets per share this financial year. 6
Since the Singapore market is closed on Sunday, all eyes will be on Monday to see if the AI-linked theme holds up or fizzles out once broader market activity resumes. The stock has already cleared the first hurdle: it made a move.
But risks remain. Planning approvals often stall, and power and water contracts can take longer than expected. The bigger question is always who will sign—and on what terms—when the site finally opens.
Keppel has a more immediate catalyst lined up. The company will webcast its second-half and full-year 2025 results on Feb 5 at 10 a.m. Singapore time. 7
Investors are keen to see how quickly Keppel turns powerbank sites into funded projects, and if the data centre pipeline translates into actual fees and cash flow rather than just making headlines.
