Shell Eastern Petroleum to acquire 49% interest in Cleantech Solar
Cleantech Solar has announced that Shell Eastern Petroleum (Pte) Ltd (Shell) has signed an agreement to acquire 49% interest in the company, with the possibility to increase its position after 2021. This investment will be Shell’s second major solar investment this year, giving Shell an immediate path to an established commercial and industrial platform in Southeast Asia and India.
According the the press release by next month (January 2019) the acquisition of 49% interest in Cleantech Solar is likely to be completed.
Cleantech Solar will continue to operate under its existing management and name. Over the last four years, Cleantech Solar has witnessed substantial growth, having signed over 120 contracts with local and multinational corporations in the region. Their solar plants have generated over 100 million kWh units of electricity, thus helping customers fulfil their sustainability goals.
@EPC World Media