film · Cleantech Solar Sector 07 — Clean Energy & Environmental
Cleantech Solar
Cleantech Solar finances, builds, owns and operates solar and wind plants for commercial and industrial customers across Asia, holding roughly 1.2 GWp of projects in operation, construction and development across seven countries from India to Vietnam. Customers pay only for the energy generated, with no upfront capital. Headquartered in Singapore, the company became wholly owned by Keppel Ltd. and Keppel-managed investors in November 2025, when Shell sold its 49 per cent stake.
Cleantech Solar sells corporates the electron, not the equipment. It finances, builds, owns and operates the plant — rooftop, ground-mount, floating and open-access solar, plus wind and hybrids — and the customer signs a long-term power purchase agreement and pays only for the energy generated. That model has built a book of roughly 1.2 GWp across seven Asian countries, run from Singapore, and it proved valuable enough that Keppel and its managed funds bought out Shell's 49 per cent stake in November 2025 to take full control.
Client testimonial film — Cleantech Solar.
Sell the electron, not the system
The offer to a manufacturer is deliberately simple: no upfront capital, no plant on the balance sheet, no operations to learn. Cleantech Solar finances, constructs, owns and operates the installation, and the customer pays only for the energy it generates, typically under a long-term power purchase agreement. The Kuehne + Nagel contract in Singapore runs twenty years.
The engineering range behind that offer is wide for a C&I specialist: rooftop, ground-mounted, floating and open-access solar photovoltaic plants, open-access wind, and wind-solar hybrid projects. Floating arrays sit on Cargill's reservoirs in Thailand; open-access solar parks in Maharashtra and Tamil Nadu wheel power to factories hundreds of kilometres away. Each installation carries a performance dashboard, so the customer can watch the output it is paying for.
A 1.2 GWp book across seven countries
The company's own count is approximately 1.2 GWp of solar and wind hybrid projects across operations, construction and development stages, with installations in India, Singapore, Cambodia, Indonesia, Malaysia, Thailand and Vietnam. Keppel, announcing its buyout in November 2025, said the portfolio had more than doubled since it first invested in October 2022, and set a target of a further 1 GW of solar assets by the end of 2026.
India carries the heaviest steel. Cleantech Solar's Maharashtra portfolio alone exceeds 300 MWp of solar, wind and hybrid capacity, and the company has commissioned 80 MWp of anchor projects at a 275 MWp renewable energy park in Tamil Nadu. Single customers take utility-scale volumes: First Solar signed a 167 MWp wind and solar PPA for its Indian manufacturing facility, and Saint-Gobain India takes 18.7 MW from a Tamil Nadu solar park.
The client list does the marketing
Cleantech Solar publishes its customers, and the roster is the pitch: Cargill, First Solar, Saint-Gobain, Unilever, Coca-Cola, Apollo Tyres, Bosch Automotive, Alcon, Shell Lubricants, Uno Minda, Coats Group, Kuehne + Nagel, Yeo's and Yamazaki Mazak, among others — the "Fortune 100 and Tier 1 local companies" the company says it targets.
These are twenty-year relationships rather than transactions, and they compound. Cargill extended its Thai partnership with 10 MWp of floating solar; Uno Minda takes power from two separate Indian systems, 8.5 MW in Maharashtra and 5.3 MW in Tamil Nadu.
From Shell to Keppel
The shareholder register tells its own story about the asset quality. Shell bought 49 per cent of the business in 2018, its second solar investment that year. In late 2021 a Keppel-led consortium — Keppel Corporation with Keppel Asia Infrastructure Fund and a co-investor — agreed to acquire the founders' 51 per cent, completing in October 2022, when the portfolio stood at over 600 MW.
In November 2025 Keppel and its partners bought Shell's remaining 49 per cent, taking the holding company, Cleantech Renewable Assets, to full ownership: Keppel holds 60 per cent through a subsidiary, with Keppel Asia Infrastructure Fund and a co-investor holding the remaining 40 per cent. An oil supermajor in, a Singapore asset manager consolidating — both saw the same thing: contracted, long-dated C&I power revenue in Asia's growth markets.
Financed from Singapore, banked in green
The head office at 75 High Street is where the projects are developed, owned and funded. The debt record shows the machine at work: a US$75 million green loan from ING in 2020 — described at the time as Asia Pacific's largest green loan for commercial and industrial rooftop solar — and in July 2025 a US$70 million five-year green loan with a US$30 million greenshoe option, arranged by Singapore-based Clifford Capital and ING, to develop up to 150 MWp of C&I solar across Thailand, Malaysia, Indonesia, Singapore and Vietnam.
Singapore is not only the financing hub; it is also a market. Cleantech Solar's local installations include the 844.8 kWp rooftop system at Kuehne + Nagel's Pioneer Crescent logistics hub, a 1.6 MWp system for Yamazaki Mazak and an 800 kWp rooftop project for Yeo's.
CLAIM THIS RECORD
Is this your company?
Cleantech Solar is on the Singapore Industry Index as a reference record, compiled from public sources. Claiming it is free — correct the facts, add capabilities and certifications, appear on more pages, and receive enquiries routed directly to you.
Spotted an error? Claiming is the fastest way to fix it — or write to us via Contact.