Investment will scale up an established commercial and industrial solar platform in Southeast Asia and India.
Left to Right: Cleantech Solar Chairman and Founder Raju Shukla, Shell Vice President of solar and storage, Marc van Gerven
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.”
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.”
About Cleantech Solar (www.cleantechsolar.com)
Cleantech Solar is a leading provider of renewable energy to corporations in Southeast Asia and India, combining the capabilities of a global player with unrivalled responsiveness and agility.
Headquartered in Singapore, Cleantech Solar owns and operates more than 120 solar power plants across the region, representing over 200 MW of projects, with the majority being in operation and the rest under construction and development.
The company helps corporations meet their sustainability goals, offering a unique combination of:
- Shared values ensuring long-term partnership
- Cutting-edge technical expertise with a strong focus on delivering safe and high-quality projects
- Experienced local teams in all markets to ensure compliance and smooth execution
- A state-of-the-art control room that allows optimized performance to be monitored in real time
About Shell New Energies
Shell established its New Energies division in 2016. Shell New Energies focuses on two main areas: new fuels for transport, such as advanced biofuels and hydrogen; and power, being involved at almost every stage of the process, from generating electricity, to buying and selling it, to supplying it directly to customers. Shell aims to make electricity a significant part of its business. Our New Energies business is seeking to leverage the company’s strengths in fast-growing and commercial parts of the energy industry, such as solar. The proposed deal is another boost to Shell’s solar portfolio after New Energies acquired 43% of US-based Silicon Ranch earlier this year. For more information, go to https://www.shell.com/energy-and-innovation/new-energies.html.