Petronas Ventures into RE with Procurement of Amplus Energy

Petroliam Nasional Berhad (Petronas) has announced that it has entered into an agreement with I Squared Capital to procure 100% interest in Amplus (M+) Energy Solutions Pte Ltd.

The deal is projected to be accomplished by the end of the month, and it marks the Oil and Gas majors international venture 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, focusing 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 endeavors.”