Shell buys stake in Asia solar developer CleanTech

Energy giant Shell has acquired a 49 per cent stake in Asian solar power firm Cleantech Solar.

The deal is expected to be closed next month and marks Shell’s second major solar investment this year following its 43.83 per cent interest in Nashville-based Silicon Ranch.

Singapore-headquartered CleanTech develops, owns and operates commercial and industrial solar systems in Southeast Asia and India. It has installed onsite power arrays for companies including Coca-Cola and Kuehne + Nagel and will continue to operate under its existing management and name.

“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,” said Marc van Gerven, Shell vice-president of solar and storage. “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 49 per cent interest has been taken by Shell Eastern Petroleum, with the possibility to increase its position after 2021, and will give Shell an immediate path to an established commercial and industrial platform in Southeast Asia and India.

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 brings their resources and capabilities as they build a global renewable power business and it gives us a tremendous boost in our home region.”

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