Shell agrees to acquire 49% stakes in Cleantech Solar
Shell has signed an agreement with Cleantech Solar to acquire a 49% stakes in the Singapore-based solar energy developer.
Under the agreement, Shell will have an option to increase its position to the company after 2021. Cleantech Solar will continue to operate under its existing management and name.
Cleantech Solar owns and operates more than 120 solar power plants across the Southeast Asia region, representing over 200 MW of projects. The company has experienced substantial growth over the last four years, closing deals of over 100 new contracts with local and multinational corporations in the region.
The transaction is expected to close by January 2019.
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