Shell picks up 49 pc stake in Cleantech Solar
Royal Dutch Shell has signed an agreement to take 49 per cent stake in Cleantech Solar - a leading developer of solar energy systems in South East Asia and India, according to a statement.
Shell will have an option to increase its holding in Cleantech after 2021. The deal is expected to close in January 2019.
Cleantech Solar in a statement said, "Shell Eastern Petroleum (Pte) Ltd (Shell) has signed an agreement to acquire a 49 per cent interest in the company, with the possibility to increase its position after 2021".
This investment will be Shell's second major solar investment this year, giving it an immediate path to an established commercial and industrial platform in Southeast Asia and India.
In January, Shell acquired stake in US solar company Silicon Ranch Corp.
Cleantech Solar will continue to operate under its existing management and name.
"Over the last four years, Cleantech Solar has witnessed substantial growth, having signed over 120 contracts with local and multinational corporations in the region. Their solar plants have generated over 100 million kWh units of electricity, thus helping customers fulfill their sustainability goals," the statement said.
Headquartered in Singapore, Cleantech Solar owns and operates more than 120 solar power plants across the region, representing over 200 MW of projects, with the majority being in operation and the rest under construction and development.
"We are very impressed by Cleantech Solar's record of developing lasting relationships with multinational and regional corporations who are eager to implement subsidy-free renewable energy into their corporate strategies," said Marc van Gerven, Shell Vice President of solar and storage. "Asia is a significant commercial and industrial solar generation market for Shell and we are proud to work with Cleantech Solar as a leading solar company in the region".
Cleantech Solar Chairman and Founder Raju Shukla said: "From the day Cleantech Solar was founded, we wanted it to become the most trusted provider of solar power for the leading corporations of Asia. This partnership with Shell, a global energy company, brings their resources and capabilities as they build a global renewable power business and it gives us a tremendous boost in our home region".
(With inputs from agencies.)