Petronas, a Malaysian state-owned oil and gas company, has entered into an agreement with I Squared Capital, a leading global Infrastructure investor, to acquire 100% interest in Amplus Energy Solutions Pte Ltd, also known as M+, a Singapore-based company with a portfolio of distributed, renewable Energy assets in Asia.
M+ offers solutions to commercial and industrial clients, specializing in rooftop and ground-mounted solar power projects. Established in 2013, M+ now caters to over 150 customers at over 200 locations across the Middle East, India and South-East Asia and has a cumulative capacity of over 500 megawatts under operation and development.
The acquisition marks Petronas’ strategic intent to diversify beyond oil and gas and grow in the renewable Energy sector. This move is the company’s first international solar venture. Petronas did not publish the financial terms of the deal.
Petronas is also working with a number of Malaysian clean Energy initiatives. Recently, Petronas announced its 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 optimization and solar rooftop projects.
(Sources: Petronas.com; The Star; The New Paper)