A Keppel Corporation Limited-led group has announced plans to increase its stake in Cleantech Solar Asia Private Limited (Cleantech Solar) to 75 per cent. The deal is expected to close by mid-2022. In December 2021, the group acquired a 51 per cent stake in Cleantech Renewable Assets Private Limited, which owns 50 per cent of Cleantech Solar, in a deal valued at USD150 million.
Cleantech Solar Asia currently has over 600 MW of assets in different stages of operations, construction and development. Cleantech Renewable Assets aims to grow its asset portfolio to more than 2.5 GW by 2026.