Private Equity

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Fourth Partner, Keppel eye majority stake in Cleantech Solar Energy at $400-M valuation

Economic Times  

Indian solar energy platforms Fourth Partner Energy, O2 Power, Eversource Capital and Singaporean conglomerate Keppel Corp are in separate talks to acquire a majority stake in Cleantech Solar Energy, backed by Royal Dutch Shell. The proposed transaction is expected to value Cleantech at USD 400 million (INR 3,000 crore). Promoter Raju Shukla, who owns a 51% stake in the holding company, will sell his stake, while Shell will retain its 49% stake. Standard Chartered Bank is advising the promoters to find a buyer. A supplier of renewable energy to corporations in India and Southeast Asia, Singapore-headquartered Cleantech Solar has a 600-megawatt portfolio under various stages of development in India, Indonesia, Cambodia, Malaysia, Thailand, Vietnam and Singapore.