Cleantech Solar, a leading developer, owner, and operator of commercial and industrial solar energy systems in Southeast Asia and India announced today that Shell Eastern Petroleum (Pte) Ltd (Shell) has signed an agreement to acquire a 49% interest in the company, with the possibility to increase its position after 2021. This investment will be Shell’s second major solar investment this year, giving Shell an immediate path to an established commercial and industrial platform in Southeast Asia and India. The deal is expected to close in January 2019.
Cleantech Solar will continue to operate under its existing management and name. Over the last four years, Cleantech Solar has witnessed substantial growth, having signed over 120 contracts with local and multinational corporations in the region. Their solar plants have generated over 100 million kWh units of electricity, thus helping customers fulfil their sustainability goals.
"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.”