Clifford Chance Advises on GreenYellow’s C&I Platform Stake Sale in Asia.
Clifford Chance has advised renewable energy firm GreenYellow on bringing in new partners for its fast-growing commercial and industrial (C&I) platform in Thailand and Vietnam. GreenYellow, which is backed by Ardian, sold a 49% stake in the platform to development finance institutions STOA and DEG.
This platform plays a central role in GreenYellow’s growth across Southeast Asia, where demand for solar energy and sustainable infrastructure is rising quickly.
The deal reflects the strong momentum behind clean energy investments in the region.
Based in France and active in 17 countries, GreenYellow focuses on decentralized solar production, energy efficiency, and battery storage. In Asia, it’s one of the top solar energy providers, helping businesses of all sizes meet their energy needs through Power Purchase Agreements (PPAs).
Melissa Ng, lead partner on the deal at Clifford Chance, said:
"This transaction represents the keen investor interest and activity in renewables in South East Asia. There has been a marked increase in investments in renewable energy across the region, as countries balance the need to bridge critical gaps needed to reach energy transition goals with securing economic growth and energy security."
Ms. Ng worked alongside senior associate Wesley Tan and associate John Wu on the corporate side of the transaction. Counsel Dayu Man and associate Nan Lan also provided guidance on competition law.
With this new investment, GreenYellow is in a stronger position to grow its presence in Asia and build out its renewable energy capacity. The platform is on track to reach 400 MWp of installed capacity within the next couple of years.
GreenYellow will continue to lead with a 51% share, while STOA and DEG hold 29.7% and 19.3% respectively.
Franck Gluck, CEO of GreenYellow Asia, shared his excitement about the partnership:
"This transaction enables GreenYellow Asia to continue its expansion in high-growth regions such as Vietnam and Thailand, in line with its long-term strategy of
promoting energy transition in both mature and emerging economies."
Marie-Laure Mazaud, CEO of STOA, added:
“This new and fourth investment in the C&I sector reaffirms STOA's commitment to distributed energy. We are very pleased to collaborate with GreenYellow and DEG and contribute to the expansion of the asset platform, providing affordable green electricity to an ever-growing number of clients. In GreenYellow, we have found not only a market leader with extensive experience and a high-quality asset portfolio but also a partner that shares our values and aligns with our purpose of financing strategic renewable energy projects, driving the decarbonation of the energy mix in emerging economies.”
Clifford Chance is a global law firm with over a century of history and a presence in 23 countries through 34 offices. A member of the prestigious Magic Circle, the firm is recognized for its deep expertise in banking, corporate law, finance, dispute resolution, and tax. It advises a broad spectrum of clients, including multinational corporations, financial institutions, governments, and not-for-profits by combining international best practices with local market insight. Known for its collaborative culture and forward-thinking approach, Clifford Chance delivers innovative, high-quality legal solutions across every major industry and sector.
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