Mumbai, Maharashtra, 3 November 2021: Cleantech Solar, a leading provider of renewable energy solutions to corporations in India and Southeast Asia, announced that Siemens Limited has executed a Power Purchase Agreement and has entered into a Share Subscription and Shareholders Agreement for the subscription of 26% of the paid-up equity share capital of Sunsole Renewables Private Limited, Mumbai, India, subject to fulfilment of conditions precedent as agreed between the parties.
Sunsole is incorporated as a special purpose vehicle by Cleantech India OA Pte Ltd. to undertake the construction, operation and maintenance of a solar power plant and to supply, on a captive basis, the power generated from the said solar power plant.
Siemens Limited desires to procure renewable energy to reduce its carbon footprint for its manufacturing facility located at Kalwa, Maharashtra.
Raju Shukla, Founder and CEO of Cleantech Solar, said: “We are delighted to be selected by Siemens Limited as their solar partner. Cleantech Solar is committed to providing top corporates with reliable and cost-competitive solar solutions of the highest quality. Procuring green power will reduce carbon emissions and promote corporate social responsibility. We at Cleantech Solar would like to congratulate Siemens Limited on achieving this milestone in their sustainability journey and will continue to support them in achieving profitable and long-term growth.”
Nathan Schmidt, Regional Head Asia at Climate Fund Managers (CFM), noted: “The new partnership between Cleantech Solar and Siemens Limited further reinforces our belief in Cleantech as the partner of choice for C&I solar in the Asian region. Together, Cleantech and Siemens Limited will reduce global emissions, and increase the role of renewable energy in powering India’s business. As the fund manager to Climate Investor One fund, CFM are delighted to be a facilitator of this transition.”
Siemens Limited focuses on intelligent infrastructure for buildings and distributed energy systems and on automation and digitalization in the process, discrete & hybrid manufacturing industries. The Company brings together the digital and physical worlds to benefit customers and society. It offers broad expertise across the entire energy value chain, along with a comprehensive portfolio for utilities, independent power producers, transmission system operators, the oil and gas industry, and other energy-intensive industries. With its products, solutions, systems, and services, it addresses the needs of energy transition, including storage and sector-coupling solutions. It is also a supplier and service provider of intelligent mobility solutions for rail, road and inter-modal transport for passenger and freight services. Siemens Limited is the flagship listed company of Siemens AG in India. As of September 30, 2020, Siemens Limited had Revenue from continuing operations of INR 9,581 crore and 9,258 employees. Further information is available on the Internet at www.siemens.co.in .
About Cleantech Solar (www.cleantechsolar.com):
Cleantech Solar is a pan-Asia supplier of renewable energy to corporates, combining the capabilities of a regional player with responsiveness and agility.
Headquartered in Singapore, Cleantech Solar has been selected for numerous solar power plants across India and Southeast Asia, covering over 600 MW across the various stages of operations, construction, and development. This includes installations in India, Indonesia, Cambodia, Malaysia, Thailand, Vietnam and Singapore.
The company helps corporations to meet their sustainability goals, offering them a unique combination of:
- Shared values ensuring long-term partnership
- Leading technical expertise with a strong focus on delivering safe and high-quality projects
- Experienced local teams in all markets to ensure compliance and smooth execution
- State of the art control room delivering optimized performance in real time
This is project is co-funded by Climate Investor One .