Cleantech Solar
Cleantech Solar is a pan-Asia solar and wind developer that finances, builds, owns, and operates renewable energy projects for commercial and industrial customers under zero-upfront-cost PPAs across India and Southeast Asia.
- Company typePrivate
- Founded2014
- HeadquartersSingapore, Singapore
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Cleantech Solar does
Cleantech Solar is a pan-Asia renewable energy developer that finances, constructs, owns, and operates solar PV, wind, and wind-solar hybrid projects for commercial and industrial (C&I) customers. Legally domiciled in Singapore as Cleantech Energy Corporation Pte Ltd with operating subsidiaries in India (CSE Development (India) Pvt. Ltd.), Thailand (Cleantech Solar (Thailand) Limited), and other Southeast Asian markets, the company serves blue-chip industrial clients under long-term power purchase agreements (PPAs) on a zero-upfront-capex basis. Its portfolio spans approximately 1.2 GWp of assets across operations, construction, and development in India, Singapore, Cambodia, Indonesia, Malaysia, Thailand, and Vietnam, including dedicated renewable energy parks (e.g., 275 MWp in Tamil Nadu, 150 MWp in Jalkot, Maharashtra, 100 MWp in Maharashtra), distributed rooftop installations, and floating solar PV systems. Strategic shareholders are Keppel Ltd., Keppel Asia Infrastructure Fund, and Shell Singapore Pte. Ltd., providing both capital and downstream customer access.
The company's product surface includes open-access solar and wind parks, rooftop solar, wind-solar hybrids, and floating solar PV. Underlying technology choices include single-axis tracking systems to maximize energy yield, floating PV on industrial water bodies for efficiency gains and land conservation, and a centralized control room for real-time multi-site performance monitoring. GTM is sales-led and enterprise field-sales driven: direct engagement with C&I buyers in automotive, chemicals, pharmaceuticals, food processing, cement, iron and steel, FMCG, and real estate, converting leads into PPAs where Cleantech Solar retains asset ownership and operation responsibility. Distribution is regional-direct, with locally staffed offices in Mumbai, Chennai, Bangkok, Kuala Lumpur, and Jakarta.
Revenue mechanics are usage-based: C&I customers pay only for energy delivered under multi-year PPAs, while Cleantech Solar finances and services the underlying assets. The capital structure is predominantly debt-funded through a series of large green and senior secured project finance facilities — including INR 6.25 billion from Tata Capital (Jan 2024), INR 855 crore from Aseem Infrastructure Finance (Feb 2024), and a $140 million green financing arrangement (Jul 2025, Clifford Capital and ING-led) — supplemented by equity from Keppel, Shell, Climate Fund Managers, and prior ING rounds. Repeat engagements with anchor customers (Cargill in nearly 30 projects, Coats in two, First Solar, DRT-Anthea in two parks) and a customer base that includes Unilever, Saint-Gobain, Safran Landing Systems, Mölnlycke, Yeo's, Tesco Lotus, and Schaefer Kalk underpin the pipeline. Leadership transitioned from Sachin Jain (appointed June 2023) to Sanjay Gupta (appointed December 2024), a Keppel Fund Management veteran, with additional senior hires in India country management and finance.
Cleantech Solar firmographics
Firmographics- Name
- Cleantech Solar
- Legal name
- Cleantech Energy Corporation Pte Ltd
- Website
- https://cleantechsolar.com
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Cleantech Solar is a pan-Asia solar and wind developer that finances, builds, owns, and operates renewable energy projects for commercial and industrial customers under zero-upfront-cost PPAs across India and Southeast Asia.
- Ownership category
- akta.pro rank
Cleantech Solar industry classification
Industry- Product category
- Commercial and Industrial Renewable Energy
- NAICS
- Solar Electric Power Generation (221114), Electric Power Generation (22111), Electric Power Generation, Transmission and Distribution (2211)
- SIC
- Cogeneration Services & Small Power Producers (4991)
- akta.pro primary industry
- Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB)
Keywords
Where Cleantech Solar is headquartered
LocationHeadquarters
- HQ city
- Singapore
- HQ country
- Singapore
- HQ region
- Asia
Offices6 records
Markets served
Cleantech Solar business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales
Revenue model
- Power Purchase Agreements (PPA): Customers pay only for energy generated without any upfront capital investment. Cleantech Solar finances, designs, installs, operates and maintains solar PV systems while customers procure renewable electricity under long-term agreements.
- Open Access Solar Parks: Development and operation of renewable energy parks where power is purchased by corporate clients on a captive basis for their business operations across multiple Indian states.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Usage-based | Multi-year contract | Zero upfront cost model - customers pay only for energy generated |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels5 records
Cleantech Solar product offering
Product offeringCore offering
Cleantech Solar finances, constructs, owns, and operates solar PV and wind energy projects for commercial and industrial (C&I) customers across India and Southeast Asia. The company offers four core product lines — open access solar, open access wind, wind-solar hybrid, and rooftop solar — delivered under long-term power purchase agreements (PPAs) with zero upfront capital expenditure required from customers. Customers pay only for the energy generated, while Cleantech Solar handles design, installation, financing, operation, and maintenance.
Product overview
Cleantech Solar is a pan-Asia solar and wind developer that finances, constructs, owns, and operates renewable energy projects for commercial and industrial (C&I) customers. The company offers four core product lines: Open Access Solar Energy Solutions, Open Access Wind Energy Solutions, Wind-Solar Hybrid Energy Solutions, and Rooftop Solar Energy Solutions. All offerings follow a zero-capital-expenditure model where Cleantech Solar funds the investment while customers pay only for energy generated. The company operates across India and Southeast Asia with approximately 1.2 GWp of assets in operations, construction, and development stages. Project delivery includes dedicated renewable energy parks with capacities ranging from 100 MWp to 275 MWp, as well as distributed installations including rooftop, floating solar, and carport systems.
Differentiator
Problem solved
Functional benefit
Products and services
- Open Access Solar Energy Solutions Utility-scale solar PV projects where power is generated at dedicated solar parks and delivered to commercial and industrial customers through open access arrangements, allowing them to procure renewable electricity without direct investment in generation infrastructure.
- Open Access Wind Energy Solutions Wind power projects developed, owned, and operated by Cleantech Solar, with electricity supplied to commercial and industrial customers via open access arrangements on a long-term basis.
- Wind-Solar Hybrid Energy Solutions Combined wind and solar photovoltaic projects that optimize generation by leveraging both energy sources, providing more consistent and reliable renewable power supply to commercial and industrial customers.
- Rooftop Solar Energy Solutions On-site solar PV systems installed on customer rooftops, funded, designed, built, operated and maintained by Cleantech Solar under long-term power purchase agreements (PPAs) with no upfront capital investment required from customers.
Quantifiable outcome
- 4,977 GWh clean energy expected to be generated over project lifetimes
- +4 more outcomes
Companies that use Cleantech Solar
Customer profileNamed customers17 records
Segments7 records
Ideal customer profiles1 record
Cleantech Solar technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Cleantech Solar partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core.
- Sona BLW Precision Forgings Limited (Sona Comstar)corePower purchase agreement for open access solar power supply in Thoothukudi, Tamil Nadu. Sona Comstar will procure power on a group captive basis to meet sustainability and decarbonization objectives.
- Bonfiglioli India Pvt LtdcoreAgreement to source 9 MWp of solar power for Bonfiglioli India's manufacturing operations in Tamil Nadu under open access supply model. Enables renewable electricity procurement without direct investment in generation assets.
- Coats Group plccoreSecond long-term agreement to develop and operate a large-scale rooftop solar PV system for Coats Rejo Indonesia at their facility in Pasuruan, East Java. First phase reduced 1,011 tonnes CO2 emissions. Combined project will enable 17.3% power consumption from renewables.
- DRT-Anthea Aroma Chemicals Pvt. Ltd.coreSecond open access project with DRT-Anthea at 100 MWp solar park in Maharashtra. Client sourcing approximately 70% of power requirements from renewables. Anthea Group is an IndiaRF portfolio company.
- CargillcoreCommissioning of 10 MWp floating solar PV systems for Cargill's poultry processing units in Korat and Saraburi, Thailand. Part of nearly 30 solar PV projects under various stages for Cargill in Thailand and Southeast Asia.
- Pan-United Corporation LtdcorePartnership to develop solar PV systems with about 900 solar panels on rooftops of Pan-United's operational headquarters in Singapore and slag grinding plant in Malaysia. Part of three-year MOU with Shell Singapore to explore decarbonisation solutions in the built environment.
- First Solarcore167 MWp wind and solar energy PPA where Cleantech Solar will procure India-made solar modules from First Solar to power their India manufacturing facility.
Scale indicators15 records
Recent moves9 records
Expansion highlights7 records
Cleantech Solar competitors and assessment
Company assessmentEmerging players
- ACME Solar Holdings: Indian renewable developer with a significant C&I and utility-scale solar pipeline; competes with Cleantech in the open-access market and is pursuing additional corporate offtake agreements.
- Hero Future Energies: India-based renewable IPP and C&I solar developer backed by Hero Group and international investors; offers similar open-access and rooftop PPA solutions to industrial customers across multiple Indian states.
Direct peers
- Fourth Partner Energy: India-headquartered C&I-focused solar PPA developer with a zero-upfront-capex model and a large distributed portfolio; now backed by Reliance, it competes directly with Cleantech for the same blue-chip open-access and rooftop customers across India and Southeast Asia.
- Sunseap Group (ENGIE Solar): Singapore-based solar developer serving C&I customers across Southeast Asia under long-term PPAs; under ENGIE ownership it is one of Cleantech's closest direct competitors in Singapore, Malaysia, Thailand and Indonesia.
- Amp Energy India: C&I and utility-scale renewables developer active in India and Southeast Asia, offering solar and hybrid PPAs to corporate customers with similar zero-capex structures and overlapping target verticals.
- Continuum Green Energy: India-focused C&I open-access solar developer (now backed by Brookfield) that builds and operates renewable parks for corporate offtakers under long-term PPAs, directly competing with Cleantech in India's open-access market.
Broad incumbents
- Tata Power Solar Systems: India's largest integrated solar player offering rooftop, open-access and utility-scale solutions; broader portfolio and balance sheet but overlapping customer base and product lines with Cleantech in India.
- Adani Green Energy: One of India's largest renewable energy developers with multi-GW utility-scale and C&I presence; competes for the same blue-chip offtakers and increasingly in the open-access C&I segment Cleantech serves.
- Sembcorp Industries: Singapore-listed energy and urban player with renewables and C&I solar operations across Southeast Asia; competes with Cleantech especially in Singapore, Vietnam and Indonesia where it has both IPP and C&I offerings.
- EDF Renewables (Asia): Global renewables developer with an active Asia presence in C&I solar, wind and hybrid projects; competes with Cleantech for multinational corporate PPAs and utility partnerships across Southeast Asia.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Cleantech Solar social profiles
Digital presenceCleantech Solar financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cleantech Solar leadership team
Management profileNumber of profiles
Profiles9 records
Cleantech Solar subsidiaries and ownership
Company hierarchySubsidiaries3 records
Cleantech Solar funding detail
Funding detailFunding overview
Funding rounds5 records
Investors5 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cleantech Solar M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cleantech Solar
What does Cleantech Solar do?
Cleantech Solar finances, constructs, owns, and operates solar PV and wind energy projects for commercial and industrial (C&I) customers across India and Southeast Asia. The company offers four core product lines — open access solar, open access wind, wind-solar hybrid, and rooftop solar — delivered under long-term power purchase agreements (PPAs) with zero upfront capital expenditure required from customers. Customers pay only for the energy generated, while Cleantech Solar handles design, installation, financing, operation, and maintenance.
Is Cleantech Solar a public or private company?
Cleantech Solar is a private company. It is classified as venture growth investor backed and is currently operating.
When was Cleantech Solar founded?
Cleantech Solar was founded in 2014. It employs 101 to 250 people.
Where is Cleantech Solar based?
Cleantech Solar is headquartered in Singapore, Singapore, in the Asia region.
How does Cleantech Solar make money?
Two revenue lines are on record. Power Purchase Agreements (PPA) is the primary driver. The others are open Access Solar Parks.
Who are Cleantech Solar's main competitors?
Emerging players on record are ACME Solar Holdings and Hero Future Energies. Direct peers are Fourth Partner Energy, Sunseap Group (ENGIE Solar), Amp Energy India and Continuum Green Energy. Broad incumbents are Tata Power Solar Systems, Adani Green Energy, Sembcorp Industries and EDF Renewables (Asia).
Does Cleantech Solar have an API?
No public API is recorded for Cleantech Solar.
What industry is Cleantech Solar in?
Cleantech Solar's product category is Commercial and Industrial Renewable Energy. Its primary akta.pro industry code is EUAMABAB, Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System). Its NAICS code is 221114 and its SIC code is 4991.