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Keppel consortium takes remaining stake in Cleantech Solar Asia
Transactions - MARCH 15, 2022

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Keppel consortium takes remaining stake in Cleantech Solar Asia

by Kali Persall

A partnership consisting of Keppel Corp., Keppel Asia Infrastructure Fund (KAIF) and a co-investor of KAIF has acquired the remaining 50 percent stake in Singapore-based Cleantech Solar Asia for (CSA) $115 million.

This follows an earlier transaction in December 2021, when the consortium paid $150 million for a 51 percent equity interest in Cleantech Renewable Assets (CRA), which owns 50 percent of CSA.

CRA is a solar energy platform focused on the commercial and industrial (C&I) segment. CSA, the asset company of CRA, currently has a total capacity of more than 600 megawatts across various stages of operations, construction and development, with its assets located across India and six countries in Southeast Asia (Thailand, Malaysia, Indonesia, Cambodia, Singapore and Vietnam). In addition, CRA has a strong development pipeline and is planning to grow its as

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