Petronas Buys Asian Renewable Energy Firm

Malaysian state Petronas has entered into an agreement with I Squared Capital, an infrastructure investor, to buy its wholly-owned Singaporean renewable energy player Amplus Energy Solutions, also known as M+, it said April 15.

The acquisition, which is expected to be completed later this month, is Petronas’ first overseas deal involving renewable energy.

Established in 2013, M+ caters for commercial and industrial customers, specialising in end-to-end solutions for rooftop and ground-mounted solar power projects. With over 500 MW of capacity under operation or development, M+ serves more than 150 commercial and industrial customers at over 200 locations across India, the Middle East and southeast Asia, Petronas 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,” CEO Sri Wan Zulkiflee Wan Ariffin said.

Petronas said it is also working on a number of clean energy initiatives in Malaysia.