Cleantech Solar, a Singapore-based renewable energy project developer, has announced that Shell Eastern Petroleum Ltd (Shell) will acquire a 49 percent interest in the company.

The deal is expected to close in January 2019.

In the last four years, Cleantech Solar has signed over 120 contracts with local and multinational corporations in Southeast Asia, including India, representing 200 MW of projects, including a few in the pipeline. The company has generated over 100 million kWh units of electricity. After completion of the deal, Cleantech Solar will continue to operate under its existing management and name.

“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. 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”, said Marc van Gerven, Vice President of Shell’s solar and storage division in a media statement.

Raju Shukla, Chairman and Founder of Cleantech Solar said, “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.”

Recently, Prism Johnson Limited agreed to acquire up to 30 percent equity stake in a special purpose vehicle which will be incorporated with CSE Development (India) Pvt. Ltd. (Cleantech) for setting up captive solar power projects.

Earlier, Mercom reported that Cleantech Solar received a $50 million equity investment from Climate Fund Managers (CFM), a climate-dedicated investment manager, to support its growth in Asia.

In February 2018, the company announced that it will develop rooftop solar projects aggregating 27 MW in three Asian countries.

In November 2017, Mercom reported Cleantech Solar had entered into a $20 million loan agreement to develop rooftop solar projects in South-East Asia and India.

Image credit: Cleantech Solar