Singapore asset manager Keppel has bought the remaining 49% stake in Cleantech Renewable Assets Pte Ltd (CRA) from Shell Singapore Pte Ltd, per an announcement on Tuesday.
This strategic acquisition follows its initial acquisition of a 51% stake in CRA in October 2022.
“Holding all of Cleantech will strengthen our ability both as a key investor and General Partner to drive performance, accelerate decision-making as well as augment Keppel’s ability to create greater value from a proven and scalable renewable energy platform,” Jopy Chiang, Deputy Chief Investment Officer and Chief Investment Officer, Infrastructure of Keppel, said in a statement.
Singapore-headquartered CRA is a solar energy platform focusing on the commercial and industrial (C&I) segment, with assets across India and Southeast Asia.
Since Keppel’s acquisition in 2022, CRA claims to have more than doubled its solar portfolio to about 1.1GW across various stages of operations, targeting to add another 1 GW of solar assets by end of 2026. It has expanded its capabilities into wind projects as well.
According to the International Energy Agency, Southeast Asia’s solar sector is among the most cost-competitive options for new electricity generation. Meanwhile, India is targeting 500 GW of renewable capacity by 2030 and C&I renewables are projected to grow at ~23% CAGR through 2027.
