Shell's second solar investment this year, to pick 49% stake in Cleantech

Oil and Gas giant Shell has entered into an agreement to pick a 49% stake in Cleantech Solar, according to a statement from Cleantech on Wednesday. This is Shell’s second investment in the solar segment this year. 

“Shell Eastern Petroleum (Pte) Ltd (Shell) has signed an agreement to acquire a 49% interest in the company, with the possibility to increase its position after 2021,” Cleantech said in its statement. The company did not disclose the valuation of the deal.

According to people in the know, the deal is valued in the range of $ 75 million to $ 100 million.

“This investment will