Keppel Corp-led consortium buys 51% stake in Cleantech Solar

This leaves Shell the remaining 49% of the equity interest in Cleantech.

The consortium led by Keppel Corporation will be acquiring 51% of the equity interest in Cleantech Solar, a renewable energy solutions provider in India and Southeast Asia.

The consortium consists of Keppel Asia Infrastructure Fund (KAIF) and a KAIF co-investor, through Cloud Alpha. The remaining 49% will be held by Cleantech’s shareholder, Shell Eastern Petroleum.

The completion of the transaction is still subject to customary conditions, including regulatory and other approvals. It is expected to close in the first quarter of 2022.

Cleantech Solar Founder and CEO Raju Shukla said the partnership between Keppel and Shell, which both have renewable energy commitments, will be instrumental in achieving Cleantech’s target.

“Cleantech is targeting to achieve a cumulative generation capacity of 3 gigawatts (GW) within five years,” he said.

Loh Chin Hua, CEO of Keppel, for his part, said the deal reflects Keppel’s commitment to sustainability and its Vision 2030 plan.

“Through acquiring a majority stake in an established platform together with KAIF and a like-minded investor, we would be able to accelerate Keppel’s growth in the renewables space, as we work towards achieving and surpassing our target of 7GW of renewable energy assets by 2030,” he said.