The increased stake will accelerate Keppel’s growth in renewable energy.
The infrastructure company, Keppel Corporation, and the Keppel Capital consortium will increase their stake in the assets of the renewable energy provider, Cleantech Solar Asia Pte Ltd (CSA), for 157 million dollars (115 million dollars) in order to accelerate their growth in renewable activities.
Keppel Corporation said in a statement that it will acquire the remaining 50% stake in CSA, following the company, Keppel Asia Infrastructure Fund LP (KAIF) and a co-investor in KAIF’s December 2021 acquisition of 51% stake in Cleantech Renewable Assets Pte Ltd (CRA), which owns 50% of CSA.
As a result, Keppel Corporation’s collective effective interest in CSA, CRA’s holding company, increased from 25.5% to 75.5% after the transaction.
The acquisition of a 50% stake in CSA will be finalized following completion of the CRA transaction and certain other customary conditions, including regulatory and other approvals. Keppel Corporation expects the transaction to close in the first half of 2022.
This transaction is not expected to have a material impact on earnings per share and net tangible assets per share of Keppel Corporation for the year ended December 31, 2022.
$1 = US$0.73
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