A consortium led by Keppel Corporation has increased its stake in Cleantech Solar Asia (CSA), a renewable energy producer, from 25.5% to 75.5% for US$115m (€105m).
Last December, Keppel Corporation, Keppel Asia Infrastructure Fund (KAIF) and a co-investor acquired a 51% stake in Cleantech Renewable Assets (CRA), which owns 50% of CSA.
The consortium said it is now acquiring the remaining 50% interest in CSA to bring its stake in the renewable energy company effectively to 75.5%.
CSA has more than 600MW of capacity across assets at various stages of operation and development in India, Thailand, Malaysia, Indonesia, Cambodia, Singapore and Vietnam. The company plans to increase this to over 2.5GW by 2026.
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.
“Increasing our additional stake in Cleantech’s solar assets, through the acquisition of our stake in CSA, will also increase the Keppel Group’s exposure to Cleantech’s growing solar business.”
The investment in CRA and CSA marks KAIF’s entry into renewable energy. Launched in January 2020, the KAIF Partnership and its co-investment vehicles have aggregate commitments of approximately US$1bn from institutional investors.
