Shell targets Southeast Asia C&I solar markets with Cleantech Solar deal

Facebook
Twitter
LinkedIn
Reddit
Email

Energy giant Shell has increased its global solar footprint with the acquisition of a 49% stake in Cleantech Solar, a Southeast Asia and India-focused solar company.

Shell said the move would provide the company with an “immediate path” in the potentially lucrative C&I solar markets in Southeast Asia and India.

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

Financial terms of the deal have not been disclosed, however Shell has retained the possibility to increase its position in the company after 2021.

Cleantech Solar has signed more than 120 contracts with local and multinational corporations in its target market, amassing a 200MW portfolio of operational solar installations.

Shell’s investment in the firm is expected to ramp up Cleantech’s ambitions in the space and Raju Shukla, the company’s chairman and founder, said it would provide a “tremendous boost”.

Cleantech is the second solar developer to have attracted Shell’s interest in 2018. Shell first acquired a 44% stake in US-based developer Silicon Ranch in a deal worth somewhere between US$193 – 217 million which, in a similar fashion to this deal, includes an option to increase its stake after 2021.

Marc van Gerven, vice president of solar and storage at Shell, said Cleantech Solar’s record had impressed the company.

“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,” he said.

21 May 2024
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 21-22 May 2024, will be our third PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2025 and beyond.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 21, 2024
Sydney, Australia
Solar Media Events
May 21, 2024
Napa, USA
Solar Media Events
May 22, 2024
London, UK
Upcoming Webinars
May 29, 2024
11am (EDT) / 5pm (CEST)