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Keppel buys Shell stake in Cleantech, takes full control
Mint New Delhi
|October 22, 2025
Singapore’s Keppel Ltd has bought energy major Shell Plc’s 49% stake in renewable energy developer Cleantech Solar in a deal having an equity value of around $200 million, taking full control of the company. It is planning a sale of Cleantech for around $400 million next, said two people aware of the development. Both requested anonymity.
Keppel already owns 51% stake in Cleantech.
Keppel Corp. Ltd, Keppel Asia Infrastructure Fund LP (KAIF) and a co-investor of KAIF, through Cloud Alpha Pte Ltd, had acquired 51% equity in Cleantech Renewable Assets Pte. Ltd for $150 million in 2021. The balance 49% stake was held by Shell. Keppel Corp. was renamed Keppel Ltd early in 2024. Cleantech Renewable Assets is the holding company of Cleantech Solar.
Cleantech Solar has a 1.2 giga watt (GW) portfolio of solar and wind assets in operations, construction and development stages in India, Singapore, Cambodia, Indonesia, Malaysia, Thailand and Vietnam, of which IGW is operational.
Spokespersons for Shell and Cleantech Solar confirmed the sale.
"Shell Singapore Pte Ltd, a wholly owned subsidiary of Shell plc, has agreed to sell its 49% stake in Cleantech Renewable Assets Pte Ltd to an affiliate of Keppel Ltd. This decision is consistent with Shell’s business strategy and enhanced focus on performance, discipline, and simplification," a Shell spokesperson said in an emailed response.
This story is from the October 22, 2025 edition of Mint New Delhi.
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