Singapore, 11 January 2019 – Cleantech Solar announced today that it has completed the transaction for Shell Eastern Petroleum (Pte) Ltd (Shell) to acquire a 49% interest in the company, following receipt of all necessary regulatory and other approvals.
Cleantech Solar will continue to operate under its existing management and brand name. This transaction will allow Cleantech Solar to accelerate its growth while providing Shell an immediate path to a well-established commercial and industrial platform in Southeast Asia and India.
Solar energy is rapidly becoming a mainstream source of power for the commercial and industrial sector in Southeast Asia and India as large corporations in the region are transitioning from conventional energy to renewable energy. Robust engineering, combined with prudent but ambitious financial management, has made Cleantech Solar the go-to source for renewable energy among these multinational and regional corporations. With this new partnership with Shell, Cleantech Solar will further expand on its mission and core strengths which have always been to forge long-term partnerships with leading corporations built on trust, quality and delivery of safe, clean and reliable solar solutions.