M&A

M&A

Singapore's Keppel to acquire 51% in Shell-backed Cleantech Solar for $150-M

Economic Times  

Singapore-based Keppel Corporation will acquire Royal Dutch Shell-backed solar power producer Cleantech Solar Energy. 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 for USD 150 million in Cleantech Renewable Assets from Cleantech Energy Corporation (the Founders' Group). The remaining 49% of the equity interest in Cleantech is held by its existing shareholder, Shell Eastern Petroleum (Pte) Ltd. A pan-Asia supplier of renewable energy, Cleantech Solar has a 600-megawatt (MW) portfolio under various stages of development across India, Indonesia, Cambodia, Malaysia, Thailand, Vietnam and Singapore. Shell Eastern Petroleum (Pte) Ltd had acquired a 49% stake in Cleantech Solar in 2019.