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Keppel Corp joins consortium to acquire majority stake in Cleantech Renewable Assets for up to US$150 million

Amala Balakrishner
Amala Balakrishner12/13/2021 8:12 PM GMT+08  • 3 min read
Keppel Corp joins consortium to acquire majority stake in Cleantech Renewable Assets for up to US$150 million
The earn out payments – which are subject to the attainment performance milestones – will not exceed US$20 million.
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Keppel Corp, Keppel Asia Infrastructure Fund (KAIF) and a co-investor of the fund, are set to acquire 51% of the issued share capital in Cleantech Renewable Assets.

The acquisition will be made from Cleantech Energy Corporation, through Cloud Alpha at a consideration price of US$130 million ($177.7 million).

The earn out payments – which are subject to the attainment performance milestones – will not exceed US$20 million. The sum of these payments would amount to the consideration payable, Keppel Corp explains in a Dec 13 regulatory filing.

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