Keppel gains full control of Cleantech Solar, eyes $400 million sale

Singapore-based Keppel Ltd has acquired Shell Plc’s 49% stake in Cleantech Solar for around USD200 million, giving it full ownership of the company. Keppel previously held a 51% stake in the company and is reportedly planning to sell Cleantech Solar in a deal that could be valued at approximately USD400 million.

Cleantech Solar, through its holding company Cleantech Renewable Assets Pte. Ltd, manages a 1.2 GW portfolio of solar and wind assets across India, Singapore, Cambodia, Indonesia, Malaysia, Thailand, and Vietnam, of which 1 GW is operational.  

Shell confirmed the sale, stating it aligns with its strategy to focus on performance, discipline, and simplification. Cleantech Solar described the acquisition as a new chapter for the company, emphasising its strong team and growth prospects.

The transaction comes amid broader moves by global oil majors, including Shell, Total, PTT Group, and Petronas, to expand in India’s green energy sector.