Cleantech Solar announced that Shell Eastern Petroleum has signed an agreement to acquire a 49% interest in the company.
Cleantech Solar owns and operates commercial and industrial solar energy systems in Southeast Asia and India. The investment enables Shell to gain access to an established commercial and industrial solar platform in Southeast Asia and India.
The stake acquisition in Cleantech Solar marks the the second major solar investment for Shell in this year.The deal is expected to be completed by January 2019.
Shell solar and storage vice president Marc van Gerven said: “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.
“Asia is a significant commercial and industrial solar generation market for Shell and we are proud to work with Cleantech Solar as a leading solar company in the region.”
Cleantech Solar is expected to continue its operations under its existing management and name. During the last four years, Cleantech Solar has recorded considerable growth by signing over 120 contracts with local and multinational corporations in the region.
Cleantech claims that its solar plants have generated over 100 million kWh units of electricity, helping customers fulfill their sustainability goals.
Cleantech Solar chairman and founder Raju Shukla said: “I’m very excited by what this agreement with Shell means for our company’s mission. From the day Cleantech Solar was founded, we wanted it to become the most trusted provider of solar power for the leading corporations of Asia.
“This partnership with Shell, a global energy company, brings their resources and capabilities as they build a global renewable power business and it gives us a tremendous boost in our home region. I’m honoured that Shell values the strength, agility, and responsiveness of the teams we’ve developed in each of our markets.”