The promoters of Singapore-based Cleantech Solar Energy will sell their majority stake in the green energy firm. Standard Chartered Public Limited Company has been tasked with identifying a buyer for the proposed deal. Shell Eastern Petroleum Limited is expected to remain as partner. Given the fewer regulatory risks associated with green energy contracts and enforcement, this move comes against the backdrop of increased consolidation in the commercial and industrial (C&I) industry.

Cleantech Solar currently has a 500 MW renewable portfolio under different stages of development in Southeast Asia. Shell had purchased a 49 per cent share in Cleantech Solar in January 2019. The founders’ holding company owns the remaining 51 per cent of the corporation.