Cleantech Solar, a leading developer, owner, and operator of commercial and industrial solar energy systems in Southeast Asia and India, announced that Shell Eastern Petroleum (Pte) Ltd has signed an agreement to acquire a 49% interest in the company, with the possibility to increase its position after 2021.
Headquartered in Singapore, Cleantech Solar owns and operates more than 120 solar power plants across the region, representing more than 200 MW of projects, with the majority being in operation and the rest under construction and development.
This investment will be Shell’s second major solar investment this year, giving Shell an immediate path to an established commercial and industrial platform in Southeast Asia and India. The deal is expected to close in January 2019. 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 more than 120 contracts with local and multinational corporations in the region. Their solar plants have generated more than 100 million kWh units of electricity, thus helping customers fulfill their sustainability goals.
“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.”
“I’m very excited by what this agreement with Shell means for our company’s mission. 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. I’m honoured that Shell values the strength, agility, and responsiveness of the teams we’ve developed in each of our markets,” said Cleantech Solar’s Chairman and Founder Raju Shukla.