December 19, 2018 / 10:52 AM / 3 months ago

Shell acquires stake in Asia-focused Cleantech Solar

FILE PHOTO: Filled oil drums are seen at Royal Dutch Shell Plc's lubricants blending plant in the town of Torzhok, north-west of Tver, November 7, 2014. REUTERS/Sergei Karpukhin/File Photo

LONDON (Reuters) - Royal Dutch Shell has agreed to acquire a 49 percent stake in Asia-focused firm Cleantech Solar, the energy giant’s second investment in solar power this year.

The Anglo-Dutch company will have an option to increase its holding in Cleantech after 2021. The deal is expected to close in January 2019.

Cleantech Solar develops, owns and operates commercial and industrial solar energy systems in Southeast Asia and India that have generated over 100 million megawatt hour units of electricity, it said in a statement.

In January, Shell acquired acquired a stake in U.S. solar company Silicon Ranch Corporation.

Reporting by Ron Bousso, editing by Louise Heavens

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