PETALING JAYA: Petroliam Nasional Bhd (Petronas) is venturing into international renewable energy market with the acquisition of a 100% stake in Singapore-based Amplus Energy Solutions Pte Ltd (M+).
The state-owned oil major said in a statement that it has inked an agreement with infrastructure investor I Squared Capital for the acquisition.
The acquisition is expected to be completed later this month.
Established in 2013, M+ is specialised in end-to-end solutions for rooftop and ground-mounted solar power project, for commercial and industrial customers. It currently serves over 150 commercial and industrial customers in over 200 locations across India, the Middle East and Southeast Asia, with a cumulative capacity in the excess of 500 MW.
“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,” said Petronas president and group CEO Tan Sri Wan Zulkiflee Wan Ariffin.
He stated that this also represents the group’s first international solar venture and it looks forward to providing energy solutions to customers in the high growth energy markets.
Meanwhile, I Squared Capital founding partner Gautam Bhandari noted that M+ grew 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.”
At home, Petronas earlier 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.