Shell to Buy 49 Per cent Stake in Cleantech Solar

Cleantech Solar has announced that Shell Eastern Petroleum Ltd (Shell) will purchase a 49 per cent stake in the company. The deal is estimated to close in January, 2019.

In the last couple of years, Cleantech Solar has inked over 120 contracts with local and multinational corporations in Southeast Asia, including India, representing 200 MW of projects, including a few in the pipeline. The company has generated over 100 million kWh units of electricity. After completion of the deal, Cleantech Solar 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. 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”, said Marc van Gerven, Vice President of Shell’s solar and storage division in a statement.

Raju Shukla, Chairman and Founder of Cleantech Solar said, “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.”

Lately, Prism Johnson Limited settled to obtain up to 30 per cent equity stake in a SPV which will be incorporated with CSE Development (India) Pvt. Ltd. (Cleantech) for setting up captive solar power projects.