The agreement Petronas has signed with I Squared Capital to acquire Amplus Energy or M+, is expected to complete in April 2019. (Photo Credit: Amplus Solar)
- Petronas of Malaysia will acquire 100% stake in Amplus Energy Solutions as per an agreement with I Squared Capital
- It is the oil company’s first international solar venture, in line with the company strategy to step beyond oil and gas into new energy business
- Amplus has more than 500 MW of cumulative capacity under operation and development in India, the Middle East and Southeast Asia
Malaysia’s state-owned oil and gas multinational, Petroliam Nasional Berhad (Petronas) is acquiring a 100% stake in distributed energy solutions provider Amplus Energy Solutions Pte Ltd. Also known as M+, the renewables company has been sold by global infrastructure investor, I Squared Capital.
With this move, Petronas is venturing into the world of renewables. “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,” said Petronas President and Group Chief Executive Officer, Tan Sri Wan Zulkiflee Wan Ariffin.
Around since 2013, Amplus caters to commercial and industrial customers in India, the Middle East and Southeast Asia. According to Petronas, Amplus has a cumulative capacity of more than 500 MW under operation and development. M+ also mentions on its website that the company is diversifying into new avenues such as solar plus storage, EV charging infrastructure, energy efficiencies and concentrated solar power technologies, among others.
Petronas says it has been working on a number of clean energy initiatives in the country. Among those, it counts the collaboration with the investment arm of University Teknologi Mara, UiTM Holdings Sdn Bhd to jointly develop large-scale PV power plants, on-campus energy optimization and solar rooftop projects.
The agreement to acquire Amplus is expected to be complete before the end of April 2019.