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Shell acquires stake in Singapore's Cleantech Solar



The oil majors continue to diversify into the renewables space and this week it’s the turn of Shell which has acquired a 49% stake in Singapore-based Cleantech Solar, a leading developer, owner and operator of commercial and industrial solar energy systems across Southeast Asia and India.
Cleantech Solar and Shell sign strategic investment.
(Cleantech Solar and Shell sign strategic investment. Image via Cleantech Solar).

Cleantech Solar currently owns and operates more than 120 solar power plants across the Southeast Asia region, representing over 200 MW of projects. Over the last four years the company has experienced substantial growth, having signed over 100 new contracts with local and multinational corporations in the region.

Under the agreement Cleantech Solar will continue to operate under its existing management and name. Shell will have the option to increase its position after 2021.

Commenting on the deal, Cleantech Solar’s Chairman and Founder Raju Shukla said:

“I’m very excited by what this agreement with Shell means for our company’s mission. From the day Cleantech Solar was founded, we wanted it to become the most trusted provider of solar power for the leading corporations of Asia. 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. I’m honoured that Shell values the strength, agility, and responsiveness of the teams we’ve developed in each of our markets”.

This is the second investment in a solar company by Shell this year, with the Anglo-Dutch company acquiring a stake in U.S. solar company Silicon Ranch Corporation in January. 

Marc van Gerven, Shell Vice President of Solar and Storage, explained the rationale behind the deal:

“We are very impressed by Cleantech Solar’s record of developing lasting relationships with multinational and regional corporations who are eager to implement subsidy-free renewable energy into their corporate strategies. Asia is a significant commercial and industrial solar generation market for Shell and we are proud to work with Cleantech Solar as a leading solar company in the region”.

The deal is expected to close in January 2019.

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Shell acquires stake in Singapore's Cleantech Solar - Time to read 2 min
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