4/16/2019 – Malaysian state-owned oil and gas company Petroliam Nasional Bhd (Petronas) has inked an agreement with I Squared capital to acquire a 100% stake in Singaporean solar energy firm Amplus Energy Solutions Pte Ltd (M+) for an undisclosed amount.
The Singapore based renewable energy firm is backed by I Squared capital, a global infrastructure investor focusing on energy, utilities, telecom and transportation industries in the Americas, Europe and Asia.
The acquisition marks the Malaysian firm’s first step of a strategic venture into the international renewable energy market to complement its principal operations.
“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 Yan Swri Wan Zulkiflee Wan Ariffin, Petronas president, and group chief executive officer.
Amplus, also known as M+ has an extensive portfolio of distributed, renewable energy assets in Asia.
Since its establishment in 2013, M+ has focused on both commercial and industrial consumers, providing specialized end-to-end solutions for rooftop and ground-mounted solar power projects. M+ currently serves more than 150 customers across 200 locations in Asia, including India, the Middle East, and Southeast Asia.
Gautam Bhandari, founding partner at I Squared Capital commented about the transaction,“Under I Squared Capital, M+ grew by 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 endeavors.”
“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.”
Back in its home country, Petronas is collaborating with UiTM Holdings Sdn Bhd an investment arm of the Universiti Teknologi Mara to install renewable energy plants in the university campus.