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Shell Targets On Asian Market

Author: Source: Datetime: 2018-12-21 10:24:04
The information has not been disclosed, but Shell retains the possibility of increasing the share of equity in CleantechSolar after 2021.

CleantechSolar has signed more than 120 contracts with local and multinational companies in the target market, and has developed a total of 200MW of solar energy portfolio projects.

Shell's investment in Cleantech is expected to enhance Cleantech's ambitions in this area. Raju Shukla, chairman and founder of Cleantech, said that this cooperation will provide "great development momentum."

Cleantech is the second-ranked solar developer in Shell's 2018 focus. Shell first acquired a 44% stake in the US developer SiliconRanch, with a transaction value between $193 million and $217 million. Similar to this transaction, the contract also includes the option to increase shares after 2021.

Marcvan Gerven, vice president of Shell Solar and Energy Storage, said that CleantechSolar's track record impressed the company.

“Asia is a key industrial and commercial solar power market for Shell, and we are proud to partner with CleantechSolar, the leading solar company in the region.”
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