Shell to acquire 49 pc stake in Cleantech Solar

Cleantech Solar Wednesday said Shell Eastern Petroleum (Pte) Ltd has signed an agreement to acquire 49 per cent stake in the company.

It will be Shell's second major solar investment this year. The deal is expected to close in January 2019, a statement by Cleantech Solar said.

According to the statement, 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," said Marc van Gerven, Shell Vice President of solar and storage.

Headquartered in Singapore, Cleantech Solar owns and operates more than 120 solar power plants across southeast Asia and India, representing over 200 MW of projects.