Royal Dutch Shell Plc is in talks with state-run Convergence Energy Services Ltd (CESL) to invest $500 million in the state-run firm’s decentralized solar business, said two people close to the matter. “The discussions have been on for a while, with the final term sheet expected to be signed shortly. The proposed investment is planned at the asset level,” one of the two people said, requesting anonymity.
Shell set up its New Energies division in 2016. It also owns a 49% stake in Singapore-based Cleantech Solar Energy that has a 500-megawatt (MW) portfolio in countries including India.