Petronas acquires Singapore's Amplus in 1st international solar venture

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KUALA LUMPUR (April 15): Petroliam Nasional Bhd (Petronas) announced today that it is acquiring 100% interest in Singapore-based Amplus Energy Solutions Pte Ltd, also known as M+, marking its international foray into renewable energy.

In a statement today, Petronas said it has entered into an agreement with global infrastructure investor I Squared Capital for the acquisition.

Petronas president and group chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin said the acquisition reflects the company's strategic intent to grow in the renewable energy space as part of its 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 [to] providing energy solutions to our customers in these high growth energy markets," he said.

Founding partner at I Squared Capital, Gautam Bhandari, said M+ grew by over 400% annually under I Squared Capital, 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," he added.

Established in 2013, M+ has a portfolio of distributed, renewable energy assets in Asia. It 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 South East Asia, according to Petronas.