Petronas to acquire renewable energy firm

image: https://www.thestar.com.my/~/media/online/2018/09/13/22/53/oil-petronas.ashx/?w=620&h=413&crop=1&hash=76C0F456ED03A6C17D0A13479639D8985FFA535B

PETALING JAYA: Petroliam Nasional Bhd (Petronas) will soon mark its international foray into renewable energy once it completes the acquisition of Amplus Energy Solutions Pte Ltd, better known as M+ later this month.

The state-owned oil and gas (O&G) giant has entered into an agreement with I Squared Capital to acquire a 100% interest in M+, a leading Singapore-based company with a portfolio of distributed, renewable energy assets in Asia.

M+ specialises in end-to-end solutions for rooftop and ground-mounted solar power projects, catering to commercial and industrial customers.

The company, which was established 2013, has a cumulative capacity of over 500MW under operation and development, serving more than 150 commercial and industrial customers in over 200 locations across India, the Middle East and South-East Asia.

“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,” he said in a statement yesterday.

I Squared Capital founding partner Gautam Bhandari said M+ has grown by over 400% annually under I Squared Capital to become a world-class, end-to-end company serving the corporates in Asia to reduce their greenhouse gases and combat climate change.

Meanwhile, Petronas is also working on a number of clean energy initiatives in Malaysia such as the joint development of large-scale solar photovoltaic power plants and on-campus energy optimisation and solar rooftop projects.

This will be done in collaboration with UiTM Holdings Sdn Bhd, the investment arm of Universiti Teknologi Mara.

Read more at https://www.thestar.com.my/business/business-news/2019/04/16/petronas-to-acquire-renewable-energy-firm/#PCkfgDAKYWPfGltq.99

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