Keppel Corp., Keppel Asia Infrastructure Fund (KAIF), and a coinvestor of KAIF are planning to pay $150 million for a 51-percent equity interest in Singapore-based Cleantech Renewable Assets.
Cleantech is a solar-energy platform focused on the commercial and industrial (C&I) segment. The company has a total capacity of more than 600 megawatts across various stages of operations, construction and development, with assets across India and six countries in Southeast Asia (Thailand, Malaysia, Indonesia, Cambodia, Singapore and Vietnam).
Cleantech, one of India’s largest open-access platforms and its second largest rooftop-solar-energy platform, aims for a cumulative generation capacity of 3 gigawatts over the next five years. The company has 120 customers, 95 percent of which are spread across the auto, industrial, consumer and retail, energy and chemicals, and textile sectors.
After the transaction, the remaining 49 percent will be held by Cleantech’s exist
