KUALA LUMPUR — April 15, 2019: Petronas has made a foray into renewable energy internationally via the acquisition of Amplus Energy Solutions Pte Ltd, also known as M+.
The national oil company today announced that it has entered into an agreement with I Squared Capital, a leading global infrastructure investor, to acquire 100 per cent interest in M+.
The acquistion of M+, a leading Singapore-based company with a portfolio of distributed and renewable energy assets in Asia, is expected to be completed later this month.
President and group chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin said the acquisition reflects Petronas’ strategic intent to grow in the renewable energy space as part of a strategy to step out beyond oil and gas.
“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.
Commenting on the transaction, founding partner of I Squared Capital, Gautam Bhandari, said M+ had grown by over 400 per cent annually to become a world-class, end-to-end company serving corporates in Asia to reduce their greenhouse gases and combat climate change.
“We believe 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 said.
Established in 2013, M+ 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 megawatts 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.
Petronas is also working on a number of clean energy initiatives in Malaysia.
Recently it 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. — Bernama