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<p><a href="https://www.kepcorp.com/en/" target="_blank" rel="noopener">Keppel Corporation</a>-led consortium has announced that it would acquire a 51% equity stake in Singapore-based solar developer <a href="https://cleantechsolar.com/?gclid=EAIaIQobChMInuil2uvg9AIV_J1LBR38cQq_EAAYASAAEgIZ_PD_BwE" target="_blank" rel="noopener">Cleantech Solar</a> for up to $150 million. The consortium includes Keppel Asia Infrastructure Fund LP (KAIF) and a co-investor of KAIF.</p>
<p>The consortium will acquire the stake through Cloud Alpha Pte Limited. The transaction is expected to be completed in the first quarter (Q1) of 2022.</p>
<p>Shell Eastern Petroleum Limited, Cleantech Solar’s existing shareholder, holds the remaining 49% of the equity stake. Shell will continue to support its future growth in the region.</p>
<p>With this transaction, the partnership between two long-term strategic investors – Keppel and Shell – will bring in the growth capital and support Cleantech’s ambitious growth plans over the next five years.</p>
<p>Cleantech Solar focuses on the commercial and industrial (C&amp;I) segment. It has over 600 MW of solar capacity in various operations, construction, and development stages. Its assets are located across six countries -India, Thailand, Malaysia, Indonesia, Singapore, and Vietnam.</p>
<p>The company said it has a large pipeline of identified opportunities across key markets and would continue to witness significant growth opportunities across the region. It aims to achieve 3 GW of solar power capacity over the next five years.</p>
<p>Cleantech said it has around 120 top-tier consumers, 95% of whom are spread across energy-intensive sectors, including auto, industrial, consumer and retail, energy, and chemicals. Consumers include Apollo Tyres, Cargill, Coca-Cola, Shell Lubricants, Akzo Nobel, and Kerry Ingredients.</p>
<p>Commenting on the acquisition, Loh Chin Hua, Chief Executive Officer of Keppel Corporation Limited, said, “Through acquiring a majority stake in an established platform with KAIF and a like-minded investor, we would be able to accelerate Keppel’s growth in the renewables space as we work towards achieving and surpassing our target of 7 GW of renewable energy assets by 2030.”</p>
<p>In October 2021, Cleantech Solar <a href="https://mercomindia.com/cleantech-solar-secures-loan-open-access/" target="_blank" rel="noopener">announced</a> the financial close of ₹2 billion (~$26.72 million) senior secured loan facility with NIIF Infrastructure. The loan is expected to be utilized to refinance the company’s portfolio of open access solar projects in India.</p>
<p>Last year, Cleantech Solar <a href="https://mercomindia.com/cleantech-solar-green-loan-solar-projects/" target="_blank" rel="noopener">received</a> a green loan of $75 million (~₹5.67 billion) from the Singapore branch of ING Bank to support its expansion across Southeast Asia.</p>
<p>According to Mercom’s <a href="https://mercomcapital.com/product/9m-q3-2021-solar-funding-ma-report/" target="_blank" rel="noopener">9M and Q3 2021 Solar Funding and M&amp;A Report</a>, there were 29 solar mergers and acquisitions (M&amp;A) transactions in Q3 2021 compared to 34 M&amp;A transactions in Q2 2021.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
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Keppel Corporation to Acquire Majority Stake in Cleantech Solar for $150 Million

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