Singapore, 15 March 2013 – Mainboard-listed Boustead Singapore Limited (“Boustead”), a progressive global infrastructure-related engineering services and geo-spatial technology group today announced that its wholly-owned subsidiary, Boustead Knowledge Pte Ltd (“Boustead Knowledge”) has entered into a joint venture (the “Joint Venture”) with Kinnarii Power Assets Pte Ltd (“Kinnarii”), a Singapore-based regional-focused renewable project developer, to develop utility-scale solar photovoltaic projects in Japan.
Boustead Knowledge will subscribe for 73,001 new shares of S$1 each in Kinnon Green Pte Ltd (“Kinnon Green”), amounting to 50% of the total issued share capital in Kinnon Green plus one share. The total subscription amount of S$73,001 will be financed by the conversion of S$73,001 out of a loan of S$147,001 already extended to Kinnon Green by the Company as part of a collaboration agreement with Kinnon Green. Kinnarii will hold the remaining 73,000 shares of S$1 each in Kinnon Green.
Kinnon Green owns the rights to a 20MW (10x2MW) solar photovoltaic power generation portfolio in Kyushu, Japan (the “Portfolio”). Half of the Portfolio (5x2MW or 10MW in total) has been given the final interconnection agreement from Kyushu Electric, the regional power off-taker and grid operator, with the other half expected by end March 2013. The development of the Portfolio will take place in stages – the total implementation cost is estimated at around S$75 million and will be financed by a mixture of equity and long-term bank loans.
The Joint Venture presents an excellent opportunity for Boustead Knowledge to expand its expertise in renewable energy projects and will mark its first foray into utility-scale solar photovoltaic projects in Japan.
About Boustead Singapore Limited
Established in 1828, Boustead Singapore Limited is a progressive global Infrastructure-Related Engineering Services and Geo-Spatial Technology Group listed on the Singapore Exchange. Focusing on the engineering and development of key infrastructure supporting economic growth in the public and private sectors of emerging markets, our strong suite of Engineering Services comprises: Energy-Related Engineering, Water &
Wastewater Engineering and Real Estate Solutions.
Under our Geo-Spatial Technology arm, we provide professional services and exclusively distribute Esri geospatial technology – the world’s leading geographic information systems and location intelligence solutions – to major markets across Australia and South East Asia. Our location intelligence solutions are essential to effectively plan, deploy and manage key infrastructure and resources in countries.
With a vast global network stretching across Asia, Australia, Europe, Africa and the Americas, Boustead is ready to serve the world. To date, Boustead has undertaken infrastructure-related projects in 83 countries globally.
In 2008 and 2009, Boustead was recognised in the prestigious Forbes Asia 200 Best Under A Billion as one of the Asia Pacific’s 200 best public-listed corporations under US$1 billion in revenue. Boustead is also listed on the MSCI Global Small Cap Index for Singapore and the FTSE ST Small Cap Index.
Visit us at www.boustead.sg.
For media and investor enquiries related to Boustead Singapore Limited, please contact:
Mr Keith Chu
Vice President – Corporate Marketing & Investor Relations
Tel: +65 6747 0016 ext 112
DID: +65 6242 9362
Fax: +65 6741 8689