Singapore asset manager Keppel has bought <\/span>the remaining 49% stake in Cleantech Renewable Assets Pte Ltd (CRA) from Shell Singapore Pte Ltd, per an announcement on Tuesday.<\/span><\/p>\n This strategic acquisition follows its initial acquisition of a 51% stake in CRA in October 2022.<\/span><\/p>\n \u201cHolding 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\u2019s ability to create greater value from a proven and scalable renewable energy platform,\u201d Jopy Chiang, Deputy Chief Investment Officer and Chief Investment Officer, Infrastructure of Keppel, said in a statement.<\/span><\/p>\n Singapore-headquartered CRA is a solar energy platform focusing on the commercial and industrial (C&I) segment, with assets across India and Southeast Asia.\u00a0<\/span><\/p>\n Since Keppel\u2019s acquisition in 2022, CRA claims to have more than doubled its solar portfolio to about 1.1GW across various stages of operations, targeting to add another 1 GW of solar assets by end of 2026. It has expanded its capabilities into wind projects as well.<\/span><\/p>\n According to the International Energy Agency, Southeast Asia\u2019s solar sector is among the most cost-competitive options for new electricity generation. Meanwhile, India is targeting 500 GW of renewable capacity by 2030 and C&I renewables are projected to grow at ~23% CAGR through 2027.<\/span><\/p>\n<\/article>\n<\/div>\n