Petronas acquires solar power company Amplus Energy

Malaysian state-owned oil and gas company Petroliam Nasional Berhad (Petronas) has acquired the Singapore-based US private equity firm »I Squared Capital«-owned Amplus Energy Solutions Pte Ltd. (M+), which is specialized in rooftop and ground-based solar power projects. The acquisition, which is expected to be completed later this month, marks Petronas’ international foray into renewable energy.
With a cumulative capacity of over 500 MW under operation and development, Amplus Energy 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 Tan Sri Wan Zulkiflee Wan Ariffin stated, this acquisition reflects the company’s 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.«

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