Keppel Corporation is buying a 51% equity interest in solar-energy platform for up to US$150m (€133m) from owner Shell Eastern Petroleum.

Singapore-headquartered Cleantech Renewable Assets owns solar assets and developments in India and six countries in Southeast Asia.

It has 600megawatts of generation capacity and is seeking to increase this to three gigawatts over the next five years, on the back of net-zero commitments made by countries and companies.

Keppel Corp is partnering with Keppel Asia Infrastructure Fund (KAIF) and co-investor Cloud Alpha for the acquisition.

The investment is KAIF’s first in renewable energy and will form its “beachhead” in the burgeoning solar-energy sector in Asia-Pacific, Keppel said.

The fund, together with its co-investment vehicles, also has a 30% interest in the Gimi floating liquefied-natural-gas facility.

Keppel will tap the expertise and experience of Cleantech in solar energy projects and explore opportunities for collaboration with other parts of the Keppel Group, according to CEO Loh Chin Hua.

“The investment in Cleantech reflects Keppel’s commitment to sustainability and our Vision 2030 plans to grow our renewables business,” he said.