Keppel Secures Full Control of Cleantech Renewables

• Keppel clinches full control of Cleantech Renewable Assets, tightening its grip on gigawatt-scale solar and wind to fast-track growth and capital deployment in clean energy.

Singapore’s Keppel Ltd (SGX:BN4), together with a co-investor, has acquired the remaining stake it did not already own in Cleantech Renewable Assets Pte Ltd, securing full ownership of the Singapore-based renewable energy platform. The deal consolidates Keppel’s control as it deepens exposure to utility-scale clean energy.

Cleantech Renewable Assets operates a gigawatt-scale portfolio primarily in solar and has diversified into wind projects. Full ownership positions Keppel to accelerate growth, streamline capital deployment, and integrate development and operations across its renewable assets. Financial terms and the identity of the co-investor were not disclosed.

How will Keppel leverage full ownership of Cleantech to accelerate solar scale-up?

• Unify investment decisions to cut approval cycles and move projects from notice-to-proceed to commissioning faster
  
• Deploy a single balance sheet to backstop PPAs, improving bankability and lowering financing costs across the pipeline
  
• Centralize procurement of modules, inverters, and trackers to secure better pricing, warranties, and delivery slots
  
• Standardize EPC and O&M contracts to replicate proven designs and reduce LCOE across new builds
  
• Scale digital asset management—predictive maintenance, performance analytics, and remote operations—to lift fleet yield
  
• Sequence grid connections and interconnection studies portfolio-wide, reducing curtailment and delays
  
• Pair solar with storage at select sites to firm output, win premium PPAs, and mitigate merchant risk
  
• Expand corporate C&I rooftop and on-site solar using Keppel’s customer network, bundling energy-as-a-service offerings
  
• Leverage Keppel’s infrastructure businesses (e.g., data centres, industrial parks) as anchor offtakers for new solar capacity
  
• Accelerate market entry and upsizing in India and Southeast Asia via Cleantech’s local teams, land banks, and permits
  
• Recycle capital through asset rotation—sell down operating plants to long-term investors and reinvest in development
  
• Use green loans and sustainability-linked bonds at the platform level to fund a larger build program at lower spreads
  
• Pursue bolt-on acquisitions of late-stage pipelines to fill near-term capacity additions
  
• Integrate HSE and ESG standards across projects to meet utility and corporate buyer requirements and shorten tender timelines
  
• Hedge input costs and FX centrally, stabilizing project returns and enabling more aggressive PPA bids