Keppel to acquire majority stake in Shell-backed C&I firm Cleantech Solar

Facebook
Twitter
LinkedIn
Reddit
Email
Cleantech’s current portfolio consists of 600MW of assets. Image: Cleantech Solar.

A consortium led by Singaporean conglomerate Keppel Corporation is acquiring a 51% stake in Asian commercial and industrial (C&I) solar specialist Cleantech Solar for up to US$150 million.

The remaining 49% interest in the firm will be held by existing shareholder Shell, with the oil and gas major making that investment in 2018.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Singapore-headquartered Cleantech Solar said backing from Keppel and Shell is expected to bring in growth capital and know-how to support its growth plans, which include a target of reaching 3GW of solar capacity in the next five years.

Founded in 2015, Cleantech Solar’s current portfolio consists of 600MW of assets that are under development, construction or already operational across India and six Southeast Asian markets: Thailand, Malaysia, Indonesia, Cambodia, Singapore and Vietnam.

Having secured a US$75 million loan in 2020 to fund its expansion across Southeast Asia, Cleantech has since installed rooftop PV plants for clients such as Dulux owner AkzoNobel and commodities trader Cargill.

Keppel CEO Loh Chin Hua said the acquisition will accelerate the conglomerate’s clean energy expansion as it looks to reach 7GW of renewables by 2030, adding: “It allows us to not only tap the expertise and experience of Cleantech in solar energy projects, but also explore opportunities for collaboration with other parts of the Keppel Group.”

Keppel subsidiary Keppel Renewable Energy last year secured a deal to develop a solar PV project in the Australian state of Queensland that is expected to have a capacity of at least 500MW.

Other announcements in the Asian C&I solar sector this year have seen Netherlands-based liquified petroleum gas distributor SHV Energy acquire a majority stake in Indian solar developer SunSource Energy, while French oil and gas major Total formed a joint venture focused on distributed solar generation in Saudi Arabia.

In addition to its ownership stake in Cleantech Solar, Shell is collaborating with US-based C&I solar developer Altus Power to offer integrated renewables and energy storage solutions to customers.

In Singapore, Shell earlier this year signed a memorandum of understanding to explore the development of a solar project with a capacity of at least 72MW at a landfill site.

Read Next

July 1, 2025
French private equity firm Ardian Clean Energy Evergreen Fund (ACEEF) has bought 117 solar PV plants, worth 116MW of total capacity in several locations in Italy.
June 25, 2025
US EPC contractor SOLV Energy has acquired high-voltage (HV) transmission contractor Arizona-based Spartan Infrastructure.
June 18, 2025
US solar tracker manufacturer Array Technologies has acquired APA Solar, a producer of foundations and fixed-tilt racking for solar projects.
Premium
June 18, 2025
Aesolar and Fraunhofer CSP are developing segmented solar modules optimised for rooftops with partial shading.
Sponsored
June 12, 2025
At this year’s Intersolar Europe event, held in Munich, Germany, Solavita launched a new hybrid inverter for the C&I sectors.
May 27, 2025
China has installed a record of 104.9GW of solar PV between January and April 2025, according to data from the Chinese National Energy Administration. 

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand
Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA