Petronas on Monday announced that it has entered into an agreement with I Squared Capital to acquire 100% interest in Amplus Energy Solutions Pte Ltd (also known as M+), a leading Singapore-based company with a portfolio of distributed, renewable energy assets in Asia.
The acquisition, which is expected to be completed later this month, marks Petronas’ international foray into renewable energy.
Established in 2013, Amplus Energy 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 megawatt (MW) under operation and development, AMPLUS ENERGY serves more than 150 commercial and industrial customers at over 200 locations across India, the Middle East and South East Asia.
Petronas President and Group Chief Executive Officer Tan Sri Wan Zulkiflee Wan Ariffin said: “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 and we look forward in providing energy solutions to our customers in these high growth energy markets.”
Commenting on the transaction, Gautam Bhandari, Founding Partner at I Squared Capital said: “Under I Squared Capital, AMPLUS ENERGY grew by over 400 percent 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 AMPLUS ENERGY 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 is also working on a number of clean energy initiatives in Malaysia.
Recently, Petronas announced 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.