Royal Dutch Shell has agreed to acquire a 49% stake in Cleantech Solar, a developer of clean energy projects for commercial and industrial clients.
The deal is expected to close in January 2019 and Shell will have the option to increase its stake after 2021, Cleantech said on Wednesday (19 December).
The investment amount was not disclosed.
Headquartered in Singapore, Cleantech Solar owns over 200 MW of projects from more than 120 solar power plants across the region for local and multinational corporations.
The developer is active in Cambodia, India, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
In September, the Climate Investor One fund invested USD 50m in Cleantech. The investment was to help the company grow its portfolio from 200MW to over 450MW in three to four years’ time.
Of the 200MW, over 100MW was in operation at the time, with the remainder under construction and development.
Shell’s New Energies division agreed to buy a stake in Singapore-based Sunseap Group in August 2017 to collaborate on solar projects in the Asia Pacific region.
The New Energies unit was set up in 2016 and is focused on power generation, trading and supplying it directly to customers.