Keppel group to take control of Southeast Asian solar platform of Shell
- A group led by Singapore's Keppel Corp Ltd (SGX: BN4) has agreed to get a 51% stake in commercial as well as commercial (C&I) solar power platform Cleantech Renewable Assets Pte Ltd (CRA) for as much as USD 150 million (EUR 133m).
Along with Keppel Corporation, the purchasers in this transaction are Keppel Asia Infrastructure Fund LP (KAIF) as well as a co-investor of KAIF. Existing CRA investor Shell Eastern Petroleum (Pte) Ltd will certainly keep the staying 49% shareholding and also remain to sustain business' future growth in the region, the news notes.
Singapore-based Cleantech has more than 600 MW throughout India as well as 6 nations in Southeast Asia. These possessions are in numerous stages of operations, building and also advancement. The company is seeking a collective generation capability of 3 GW over the next five years.
"Via getting a bulk stake in an established platform along with KAIF as well as a like-minded capitalist, we would be able to speed up Keppel's development in the renewables area, as we function towards attaining and exceeding our target of 7 GW of renewable energy assets by 2030," claimed Loh Chin Hua, Chief Executive Officer of Keppel Corporation.
The deal is expected to enclose the very first quarter of 2022, based on getting the needed regulative authorizations.
