According to individuals familiar with the situation, Indian solar energy leaders Fourth Partner Energy, Eversource Capital, O2 Power, and Keppel Corp, a Singaporean conglomerate, are all interested in Cleantech Solar Energy 51% shares put to sell.
However, the spokespersons from the Fourth Partner, Eversouce and O2 Power did not comment on the same, while the Keppel response on the matter is still awaited.
51% stakeholder in the company, Raju Shukla will be selling his shares which are anticipated to be worth $400 million as a result of the proposed purchase. Cleantech Solar Energy is backed by Royal Dutch Shell, which will continue to preserve its 49% shares in the company.
“Shell continues to be a shareholder in Cleantech, and we have no further comment,” a Shell representative stated.
Cleantech Solar, which was founded in 2014, specializes in the installation of rooftop solar projects. Apollo Tyres, Bosch Automotive, Cargill, Tata Steel, Akzo Nobel, Coca-Cola, Siam Winery, and Unilever are among the major clients.
Cleantech Solar is based in Singapore and is a significant provider of renewable energy to enterprises in India and Southeast Asian nations, including Indonesia, Cambodia, Malaysia, Thailand, Vietnam, and Singapore, with a total capacity of 600 MW.
Shell Eastern Petroleum (Pte) Ltd, which is a dominant player in providing rooftop solar energy solutions, purchased 49% of the firm’s share in 2019. Back in 2020, Climate Fund Managers (CFM), a climate-focused investment firm, has invested $50 million in Cleantech Solar in exchange for participation in some of its facilities.
Last month, for the company’s portfolio of Open Access projects in India, Cleantech was granted the debt of Rs.200 crore by NIIF Infrastructure Finance Ltd. Apart from this, the company is being indebted to ING for taking a $75 million green loan last year, along with being a borrower from SBI World Bank and Tata Cleantech Capital.
While taking a dig into the story, it came out that Cleanmax Enviro Energy is one of Cleantech’s competitors in India, whose private equity fund Warburg Pincus sold its majority share in Clean Max to US-based Augment Infrastructure. Keppel Corp was also one of the companies that applied for the shares.
Fourth Partner, which is supported by TPG Capital and Norfund, has a total capacity of 375 MW for over 150 government and corporate clients.
In the 2021-22 fiscal year, the country anticipates an increase in renewable energy capacity with the installation of 10.5-11 GW capacity and a 38 GW pipeline project, adding to the existing 100 GW capacity.