Singapore-based Shell Eastern Petroleum, a subsidiary of British-Dutch oil and gas major Royal Dutch Shell PLC, is planning to buy a stake in solar energy developer Cleantech Solar.
Shell Eastern is likely to invest $75 million for 49 percent stake in what is expected to be a cash acquisition. The move would give Shell two seats on the Cleantech Solar board.
Post the close of the deal, Cleantech will continue to operate under its existing management and name.
The transaction is expected to be completed in January 2019.