Petronas Forays into Renewable Energy with Acquisition of Amplus Energy

Malaysia’s Petronas has acquired Amplus Energy Solutions, marking the Oil and Gas majors international foray into renewable energy.

Petroliam Nasional Berhad (Petronas), Malaysia’s fully integrated oil and gas major, has entered into an agreement with I Squared Capital, a leading global infrastructure investor, to acquire 100% interest in Amplus (M+) Energy Solutions Pte Ltd, a leading Singapore-based company with a portfolio of distributed, renewable energy assets in Asia.

The deal is expected to be completed by the end of the month, and it marks the Oil and Gas majors international foray into renewable energy.

Petronas President and CEO Tan Sri Wan Zulkiflee Wan Ariffin said, “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 to providing energy solutions to our customers in these high growth energy markets.” 

Established in 2013, Amplus 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 (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.

Gautam Bhandari, Founding Partner at I Squared Capital said: “Under I Squared Capital, M+ grew by over 400 percent 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 endeavours.”  

The company 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 PV power plants and on-campus energy optimisation and solar rooftop projects.