Singapore based Keppel Corporation will acquire Cleantech Solar Energy. Cleantech Solar is backed by Royal Dutch Shell.

Keppel will acquire 51% stakeholding in the company and will invest $150 million for acquisition. A consortium of Keppel Corporation Limited, Keppel Asia Infrastructure Fund LP (KAIF) and a co-investor of KAIF, through Cloud Alpha Pte Ltd 1, is acquiring a 51% equity interest in Cleantech Renewable Assets from Cleantech Energy Corporation (the Founders’ Group), according to a Keppel press statement.

Raju Shukla is the promoter of Keppel Corporation. The rest 49% stakes are still owned by Shell Eastern Petroleum Ltd. Cleantech Solar has a 600-megawatt project across India, Indonesia, Cambodia, Malaysia, Thailand, Vietnam and Singapore.

Standard Chartered acted as exclusive Financial Advisor to Cleantech for this transaction.

Keppel Renewable Energy Pte Ltd, a wholly-owned subsidiary of Keppel Corporation, undertakes the development and operation of renewable energy infrastructure. In line with Keppel Corporation’s longer-term target of growing its portfolio of renewable energy to 7GW by 2030, KRE plans to have 3GW of installed capacity by the end of 2025, according to a company website.

Cleantech Solar’s headquarters is in Singapore and it was founded in 2015. The company focuses on installing rooftop PV projects. A major client for the company is Apollo Tyres, Cargill, Tata Steel, Coca-Cola and Unilever.

In India, Cleantech Solar competes with Cleanmax Enviro Energy and Petronas-owned Amplus Solar.

Reference: economic times