Anglo-Dutch energy major, Shell, has picked up 49% stake in Cleantech Solar, a Southeast Asia and India-focused solar energy systems developer, for $100-mn.
“The agreement also envisages the possibility of Shell increasing its equity in Cleantech beyond the 49 per cent after 2021,” a statement issued by Cleantech said.
Headquartered in Singapore, Cleantech Solar owns and operates more than 120 solar power plants across Southeast Asia, representing over 200-MW capacity, with India accounting for almost three-fourths of its generation capacity. The company was set up by a group of financial professionals who were earlier part of international financial powerhouse, Barclays.
Shell will make the investment in Cleantech through its subsidiary, Shell Eastern Petroleum (Pte) Ltd. In 2016, Shell set up the New Energies division to focus on new fuels for transport such as advanced biofuels, hydrogen and power, seeking to make electricity a significant part of its business. New Energies acquired 43% of US-based Silicon Ranch earlier this year.
“This investment will be Shell’s second major solar investment this year, giving Shell an immediate path to an established commercial and industrial platform in Southeast Asia and India,” the statement said.
Cleantech Solar has ramped up business in the last four years, signing over 120 contracts with local and multinational corporations in the region. “We should cross 500-MW in a couple of years’ time and these investments will be used for aggressive expansion,” said Mr. Raju Shukla, founder of Cleantech. The company will continue to operate under its existing management and name.
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