Cleantech looks to Shell resources
Shell Eastern Petroleum (Pte) Ltd has signed an agreement to acquire a 49% interest in Cleantech Solar, a leading developer, owner, and operator of commercial and industrial solar energy systems in Southeast Asia and India.
Shell is expected to increase its position after 2021 following this investment for establishing commercial and industrial platform in Southeast Asia and India.
The deal, as Shell’s second such investment, is expected to close in January 2019.
Cleantech Solar said it 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 fulfil 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,” he said on signing the agreement in Singapore on 19 Dec 2018.
Cleantech Solar’s Chairman and Founder Raju Shukla added: “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.”
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. fiinews.com
