New Delhi, Oct. 21 -- Singapore's Keppel Ltd has bought energy major Shell Plc's 49% stake in pan-Asian solar developer Cleantech Solar in a deal valuing the equity at around $200 million taking full control of the company. It next plans a sale of Cleantech for around $400 million, said two people aware of the development. Both requested anonymity.

Keppel already owns 51% stake in Cleantech.

Keppel Corporation Ltd, Keppel Asia Infrastructure Fund LP (KAIF) and a co-investor of KAIF, through Cloud Alpha Pte Ltd, had acquired 51% equity in Cleantech Renewable Assets Pte. Ltd for $150 million in 2021. The balance 49% stake was held by Shell. Keppel Corp. was renamed Keppel Ltd early in 2024. Cleantech Renewable Assets is the holding compan...