Keppel Corp, Keppel Infrastructure Trust (KIT) coupled with a Norwegian insurer and a German asset manager have jointly invested €480mn ($481.3mn), with Keppel expecting to expand its wind energy portfolio in Europe. Of the total investment, Keppel Corp and KIT jointly invested €160mn ($160.62mn). According to Reuters, their commitments combine for a 33.3% stake in FundCo, a fund which will focus on investing in onshore wind energy assets in Norway, Sweden and the UK. Reuters notes that the fund will make an initial investment of €176mn ($176.68mn) for a 49% interest in three wind farm projects owned by Fred. Olsen Renewables AS (FORAS), a Norwegian renewable energy developer. The fund will also have a “five-year exclusive right and obligation” to co-invest in 49% of all future onshore wind projects that FORAS will take to a final investment decision stage. This is in-line with both companies’ plans to increase their sustainable energy portfolio by the end of the decade.

Keppel Corp’s 2.25% SGD bonds due in 2025 are ticking lower at 96.66, down by 0.15 points at a yield of 3.53%. Keppel Infrastructure’s 4.11% SGD bonds due in 2027 are also trading lower at 99.69 down by 0.24 points at a yield of 4.18%.

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