This investment will be Shell’s second major solar investment this year. The deal is expected to close in January 2019.
Shell Eastern Petroleum (Pte) Ltd, the Singapore subsidiary of Royal Dutch Shell Plc, has entered into an agreement to acquire a 49 percent interest in Cleantech Solar, with the possibility to increase its position after 2021.
Headquartered in Singapore, Cleantech Solar is a leading developer, owner, and operator of commercial and industrial solar energy systems in Southeast Asia and India.
The proposed deal is another boost to Shell’s solar portfolio after its New Energies division, which was established in 2016, acquired 43 percent of US-based Silicon Ranch earlier this year.
This investment will be Shell’s second major solar investment this year. The deal is expected to close in January 2019.
Meanwhile, Cleantech Solar will continue to operate under its existing management and name.
Over 120 contracts signed in four years
Over the last four years, Cleantech Solar has seen substantial growth and signed over 120 contracts with local and multinational corporations in the region. The company claims their solar plants have generated over 100 million kWh units of electricity, helping customers fulfill their sustainability goals.
Cleantech Solar’s Chairman and Founder Raju Shukla said, “This partnership with Shell, a global energy company, brings their resources and capabilities as they build a global renewable power business and it gives us a tremendous boost in our home region.”
Cleantech Solar owns and operates more than 120 solar power plants across Singapore, representing over 200 MW of projects, with the majority being in operation and the rest under construction and development.
Asia is a significant commercial and industrial solar generation market for Shell, according to Marc van Gerven, Shell Vice President of solar and storage.
“We are proud to work with Cleantech Solar as a leading solar company in the region,” he asserted.
