Cleantech Solar’s Biggest Shareholders Looking To Sell Stake: Report

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Headquartered in Singapore, Cleantech Solar has a 500-megawatt (MW) portfolio under various stages of development across India, Indonesia, Cambodia, Malaysia, Thailand, Vietnam and Singapore

Renewable energy firm Cleantech Solar Energy’s biggest shareholders are looking at selling their stake in the company, as per a Livemint report. 

Shell Eastern Petroleum (Pte) Ltd acquired a 49 percent stake in Cleantech Solar in January 2019. The remaining 51 per cent stake is held by the founders’ holding company, which has promoters including chairman Raju Shukla as stakeholders.

The report said, while citing sources, that the founders’ holding company is looking to exit although Shell is likely to continue as a partner.

Standard Chartered has been hired to find a buyer for the potential transaction that could rank among the largest so far in India’s solar rooftop space.

Headquartered in Singapore, Cleantech Solar has a 500-megawatt (MW) portfolio under various stages of development across India, Indonesia, Cambodia, Malaysia, Thailand, Vietnam and Singapore.

“Shell continues to be a shareholder in Cleantech and we have no further comment,” a Shell spokesperson told the publication. 

India aims to achieve 175 gigawatts (GW) of renewable capacity, including 100GW of solar power, by 2022. India’s power requirement would touch 817GW by 2030, more than half of which would be clean energy, according to the Central Electricity Authority.

India’s commercial and industrial segment has been attracting global energy majors and investors. Actis plans to invest $850 million to build two green energy platforms, one of which will be focused on the segment. Recently, Norway’s state-owned Norfund and TPG Capital’s The Rise Fund announced their $100 million and $25 million investment, respectively, in Hyderabad-based Fourth Partner Energy. 

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