Petronas bags Amplus Energy in maiden international RE venture

This acquisition reflects Petronas’ strategic intent to grow in the RE space


National energy giant Petroliam Nasional Bhd (Petronas) is set for its maiden venture into the international renewable energy (RE) sector, via an acquisition of 100% interest in Amplus Energy Solutions Pte Ltd which owns a portfolio of distributed, RE assets in Asia.

The acquisition of the Singapore-based firm, also known as M+, from global investor firm, I Squared Capital, is expected to be completed by end of April 2019, said Petronas president and group CEO Tan Sri Wan Zulkiflee Wan Ariffin (picture).

“This acquisition reflects Petronas’ strategic intent to grow in the RE space as part of our strategy to step out beyond oil and gas (O&G) into the new energy business,” he said in a statement yesterday.

The acquisition is also Petronas’ first international solar venture, he added.

Established in 2013, M+ specialises in end-to-end solutions for rooftop and ground-mounted solar power projects, catering to commercial and industrial clients.

With a cumulative capacity of over 500MW under operation and development, the company serves over 150 commercial and industrial customers at over 200 locations across India, the Middle East and South-East Asia.

I Squared Capital founding partner Gautam Bhandari said under the company, M+ grew over 400% annually to become an end-to-end company serving the corporates in Asia with the aim of reducing their greenhouse gases and combating 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 we wish them and Petronas the best in their future endeavours,” he added.

Petronas, a fully integrated O&G multinational firm among the ranks of the Fortune Global 500, is currently working on several clean energy initiatives locally with Universiti Teknologi Mara to jointly develop large-scale solar photovoltaic power plants, on-campus energy optimisation and solar rooftop projects.

I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, telecommunications and transport across North America, Europe and high-growth economies in Asia and Latin America.

It currently has over US$13 billion (RM53.49 billion) of assets under management as well as offices in Hong Kong, Houston, London, Miami, New Delhi, New York and Singapore.