M&A

M&A

Singapore’s Keppel buys Shell’s 49% stake in Cleantech Solar for $200-M to take full control

Mint  

Singapore’s Keppel Ltd has bought UK energy based energy firm Shell Plc’s 49% stake in Singapore- and Mumbai-based pan-Asian solar developer Cleantech Solar (via the holding company, Cleantech Renewable Assets Pte. Ltd) in a deal valuing the equity stake at around USD 200 million, taking full control of the company. Keppel already owns a 51% stake in Cleantech.In 2021, Keppel (through Keppel Corporation Ltd, Keppel Asia Infrastructure Fund LP (KAIF) and a co-investor of KAIF), through Cloud Alpha Pte Ltd, had acquired 51% equity in Cleantech Renewable Assets Pte. Ltd for USD 150 million. The balance 49% stake was held by Shell.Cleantech Solar has a 1.2 gigawatt (GW) portfolio of solar and wind assets in operations, construction and development stages in India, Singapore, Cambodia, Indonesia, Malaysia, Thailand and Vietnam; of which 1 GW is operational.