Petronas ventures into renewable energy with solar power acquisition

The transaction marks Petronas’ international foray into renewable energy.

Petronas has announced an agreement with I Squared Capital, a leading global infrastructure investor, to acquire 100% interest in Amplus Energy Solutions Pte Ltd, a leading Singapore-based company with a portfolio of solar power solutions in Asia.

The acquisition, which is expected to be completed later this month, marks Petronas’ international foray into renewable energy.

Established in 2013, Amplus Energy 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 megawatt (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.

“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,” President and Group CEO of Petronas, Tan Sri Wan Zulkiflee Wan Ariffin, said.

Established in 1974, Petroliam Nasional Berhad (Petronas) is Malaysia’s fully integrated oil and gas multinational ranked among the largest corporations on Fortune Global 500.