Keppel to acquire majority stake in Cleantech Solar

Singapore-based Keppel Corporation-led consortium has announced that it would acquire a 51 per cent equity stake in Royal Dutch Shell-backed Cleantech Solar Energy for $150 million.

The consortium includes Keppel Asia Infrastructure Fund LP (KAIF) and a co-investor of KAIF. The consortium will acquire the stake of 51 per cent equity in Cleantech Renewable Assets through Cloud Alpha Pte Limited. The transaction is expected to be completed in the first quarter of 2022. Shell Eastern Petroleum Limited will hold the remaining 49 per cent of the equity stake. Cleantech Solar has a portfolio of renewable energy projects aggregating to 600 MW under various stages of development across India, Indonesia, Cambodia, Malaysia, Thailand, Vietnam and Singapore.