Keppel Ltd. together with Keppel Asia Infrastructure Fund and a co-investor, has completed the acquisition of the remaining 49% stake in Cleantech Renewable Assets Pte Ltd from Shell Singapore Pte Ltd. This transaction follows Keppel’s initial 51% acquisition in October 2022 and brings Keppel and its partners to full ownership of CRA. The move reflects Keppel’s strategic focus on expanding its renewables portfolio and advancing global energy transition and decarbonisation solutions.
Headquartered in Singapore, CRA is a leading solar energy platform focused on the commercial and industrial (C&I) segment, with operations across India and Southeast Asia. Since Keppel’s initial investment, CRA has more than doubled its solar portfolio to approximately 1.1 GW across various stages of development and plans to add another 1 GW by the end of 2026. The company has also diversified into wind energy, positioning itself for further regional growth. As full owners, Keppel and its partners are well-placed to support CRA’s continued expansion amid Southeast Asia and India’s rapidly evolving renewable energy markets, driven by national sustainability goals and favorable market conditions.
“Holding all of Cleantech will strengthen our ability both as a key investor and General Partner to drive performance, accelerate decision-making as well as augment Keppel’s ability to create greater value from a proven and scalable renewable energy platform,” said Mr Jopy Chiang, Deputy Chief Investment Officer and Chief Investment Officer, Infrastructure of Keppel. “By working closely with Cleantech’s management team and applying Keppel’s deep operating expertise, we aim to unlock new growth opportunities and enhance returns for Keppel and our Limited Partners, while advancing our strategic focus on renewables, clean energy and decarbonisation.”
The acquisition further strengthens Keppel’s presence as a global asset manager and operator providing sustainable infrastructure solutions. Through KAIF, Keppel continues to pursue a disciplined, value-add investment strategy across the Asia Pacific. Earlier in 2025, KAIF and Keppel announced the divestment of their 80% stake in Singapore’s environmental services firm 800 Super, valuing the company at over S$600 million. The divestment is expected to generate mid-teen internal rates of return and strong capital gains for investors, underscoring Keppel’s focus on delivering sustainable growth and attractive risk-adjusted returns.
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