Keppel consortium raises stake in Cleantech Solar Asia

For US$115 million (€105 million), a consortium led by Keppel Corporation raised its interest in Cleantech Solar Asia (CSA), a renewable energy generator, from 25.5 percent to 75.5 percent.

Cleantech Renewable Assets (CRA), which owns 50% of CSA, was acquired by Keppel Corporation, Keppel Asia Infrastructure Fund (KAIF), and a co-investor in December.

The consortium announced that it is now acquiring the remaining 50% of CSA, effectively bringing its stake in the renewable energy company to 75.5 percent.

In India, Thailand, Malaysia, Indonesia, Cambodia, Singapore, and Vietnam, CSA has more than 600MW of capacity spread among assets in various phases of operation and development. By 2026, the business intends to raise this to over 2.5GW.

Loh Chin Hua, CEO of Keppel Corporation, said: “The increased stake in Cleantech’s solar asset portfolio is testament to Keppel’s commitment to grow our renewables business as part of Vision 2030.