Cleantech Solar, a leading provider of renewable energy solutions, has signed a contract for a 1.8 MWp rooftop solar PV system at Bell Textron Asia (Pte) Ltd.’s plant at Seletar Aerospace Park, Singapore. The company is a fully owned subsidiary of American conglomerate Textron. Under a long-term power purchase agreement (PPA), Cleantech Solar will provide full turnkey financing, designing, installation, maintenance, and operation of the PV system.
Along with a PV system, Cleantech Solar will also add a carport charging station to help Bell Textron’s transitions towards use of EVs. During the lifetime of the system, this partnership between Cleantech Solar and Bell Textron is anticipated to provide close to 40 GWh of clean energy, resulting in a reduction of more than 16 kilo tonnes of carbon dioxide emissions. The solar PV system will replace a portion of their electricity consumption with clean energy generated on their rooftop, thereby contributing to Bell Textron’s sustainability journey towards Singapore Green Plan 2030, strengthening Singapore’s commitments under the UN’s 2030 Sustainable Development Agenda and Paris Agreement.
In December 2021, Keppel Corporation-led consortium acquired a 51 per cent equity stake in Cleantech Solar for up to $150 million. Keppel Asia Infrastructure Fund LP is a member of the consortium, as well as a co-investor. Cloud Alpha Pte Limited, a subsidiary of the consortium, would buy the stake. The transaction was likely to close in 2022’s first quarter. The remaining 49 per cent of Cleantech Solar’s ownership is held by Shell Eastern Petroleum Limited, the company’s current shareholder.