A consortium comprising Keppel Corporation Limited, Keppel Asia Infrastructure Fund LP (KAIF) and a co-investor of KAIF will acquire a 51 per cent stake for USD150 million in Cleantech Solar from Cleantech Energy Corporation, the firm’s founder Group. The consortium will spend USD150 million on the acquisition. Shell Eastern Petroleum Private Limited, Cleantech’s current stakeholder, will own the remaining 49 per cent of the company’s shares.
The acquisition will support Cleantech Solar’s long term commitment to transition to renewable and alternative energy and help achieve net zero goals. Cleantech is targeting to achieve a total generation capacity of 3 GW by 2026. Currently, the company has over 600 MW of solar capacity in various stages of development across India, Thailand, Malaysia, Indonesia, Singapore, and Vietnam.