India Development News & Foreign Investment Opportunities

PETRONAS acquires renewable energy company M+

Amplus serves the Indian market

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Amplus serves the Indian market

 

PETRONAS.

Malaysia’s state-owned Petronas is acquiring Amplus Energy Solutions Pte Ltd which has renewable energy projects across India, the Middle East and Southeast Asia.

PETRONAS has signed an agreement with I Squared Capital, a leading global infrastructure investor, to acquire 100% interest in Singapore-based Amplus Energy, also known as M+.

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

Established in 2013, M+ 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.

PETRONAS President and Group Chief Executive Officer 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 in providing energy solutions to our customers in these high growth energy markets.”

Commenting on the transaction, Gautam Bhandari, Founding Partner at I Squared Capital said: “Under I Squared Capital, M+ grew by over 400% 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.”

PETRONAS is also working on a number of clean energy initiatives in Malaysia. Recently, PETRONAS announced a 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 Optimisation and Solar Rooftop projects.

I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, telecom and transport in North America, Europe, and high growth economies in Asia and Latin America. The firm has over US$13 billion of assets under management and over 120 employees across its offices in Hong Kong, Houston, London, Miami, New Delhi, New York and Singapore.

Amplus is a Singapore-based company that invests and is developing cumulative capacity of over 500MW of distributed energy assets across India, the Middle East and South East Asia.

Amplus is focused on addressing the energy requirements across the entire value chain of large and established, credit-worthy multi-national corporations across automotive, industrials, technology, consumer and hospitality sectors. fiinews.com

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