Singapore-headquartered Cleantech Solar, a renewable energy solutions provider to corporates in India and Southeast Asia, today announced that Siemens Limited has executed an agreement to purchase power from a solar plant being developed by Cleantech Solar through a special purpose vehicle called Sunsole.
Siemens also agreed to subscribing to 26% of the paid-up equity share capital of Sunsole Renewables, subject to fulfilment of conditions precedent as agreed between the parties.
Sunsole was incorporated by Cleantech India OA to undertake the construction, operation and maintenance of a solar power plant and to supply, on a captive basis, the power generated from the said solar power plant.
Siemens Limited would procure renewable energy from this plant to reduce its carbon footprint for its manufacturing facility located at Kalwa, Maharashtra.
Raju Shukla, founder and executive chairman of Cleantech Solar, said, “We are delighted to be selected by Siemens Limited as their solar partner. Cleantech Solar is committed to providing top corporates with reliable and cost-competitive solar solutions of the highest quality. Procuring green power will reduce carbon emissions and promote corporate social responsibility. We at Cleantech Solar would like to congratulate Siemens Limited on achieving this milestone in their sustainability journey and will continue to support them in achieving profitable and long-term growth.”
Nathan Schmidt, Regional Head Asia at Climate Fund Managers (CFM), said, “The new partnership between Cleantech Solar and Siemens Limited further reinforces our belief in Cleantech as the partner of choice for C&I solar in the Asian region. Together, Cleantech and Siemens Limited will reduce global emissions, and increase the role of renewable energy in powering India’s business. As the fund manager to Climate Investor One fund, CFM are delighted to be a facilitator of this transition.”
Siemens Limited focuses on intelligent infrastructure for buildings and distributed energy systems, and on automation and digitalization in the process, discrete and hybrid manufacturing industries. It offers broad expertise across the entire energy value chain, along with a comprehensive portfolio for utilities, independent power producers, transmission system operators, the oil and gas industry, and other energy-intensive industries.
Headquartered in Singapore, Cleantech Solar has been selected for numerous solar power plants across India and Southeast Asia, covering over 600 MW across the various stages of operations, construction and development. This includes installations in India, Indonesia, Cambodia, Malaysia, Thailand, Vietnam, and Singapore.
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