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Malaysia’s Petronas acquires Singapore-based Amplus Energy

FE Bureau
Tan Sri Wan Z Wan Ariffin , president & group CEO, Petronas

Malaysian oil and gas firm Petroliam Nasional Berhad (Petronas) on Monday announced that it had entered into an agreement with global infrastructure investor I Squared Capital to acquire 100% interest in Singapore-based Amplus Energy Solutions that has a portfolio of renewable energy assets in Asia.

The acquisition, expected to be completed later this month, will mark Pertronas’ foray into global renewable energy space, the firm said.

Amplus Energy Solutions, also known as M+, was established in 2013 and 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, M+ serves more than 150 commercial and industrial customers at over 200 locations across India, the Middle East and Southeast Asia, the release stated.

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Petronas is also working on a number of clean energy initiatives in Malaysia. Recently, it announced a collaboration with UiTM Holdings, the investment arm of Universiti Teknologi MARA, to jointly develop large-scale solar photovoltaic power plants, on-campus energy optimisation and solar rooftop projects.

Petronas president and group chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin said the acquisition reflected the firm’s intent to grow in the renewable energy space, stepping out of its staple oil and gas business. This also represents our first international solar venture, and we look forward to providing energy solutions to our customers in these high-growth energy markets, he said.

Gautam Bhandari, founding partner at I Squared Capital, indicated that under I Squared Capital, M+ grew over 400% annually to become an end-to-end company serving the corporates in Asia, to reduce their greenhouse gases and combat climate change.