State oil company Petronas today announced an agreement with global infrastructure investor Squared Capital to acquire 100% interest in Singapore-based company Amplus Energy Solutions Pte Ltd with a portfolio of distributed, renewable energy assets in Asia.
The acquisition, which is expected to be completed later this month, marks Petronas’ first foray into renewable energy. Amplus, also known as M+, caters to commercial and industrial customers, specialising in end-to-end solutions for rooftop and ground-mounted solar power projects.
With a cumulative capacity of over 500 megawatts under operation and development, M+ serves more than 150 commercial and industrial customers at over 200 locations across India, the Middle East and Southeast Asia.
“This acquisition reflects Petronas’ strategic intent to grow in the renewable energy space as part of our strategy to step out beyond oil and gas into the new energy business.
“This also represents our first international solar venture. We look forward in providing energy solutions to our customers in these high growth energy markets,” Petronas president and group CEO Wan Zulkiflee Wan Ariffin said in a statement.
Gautam Bhandari, founding partner at I Squared Capital said: “Under I Squared Capital, M+ grew by over 400% annually to become a world-class, end-to-end company serving the corporates in Asia to reduce their greenhouse gases and combat climate change.
“We believe that M+ will continue to play a leading role in building a greener future thanks to an outstanding management team and wish them and Petronas the best in their future endeavours.”
Petronas has also been working on a number of clean energy initiatives in Malaysia.
Recently, it announced a collaboration with UiTM Holdings Sdn Bhd, the investment arm of Universiti Teknologi Mara, to jointly develop large-scale solar photovoltaic power plants and on-campus energy optimisation and solar rooftop projects.