Kuala Lumpur, 15 April 2019 – PETRONAS today announced that it has entered into
an agreement with I Squared Capital, a leading global infrastructure investor, to acquire
100% interest in Amplus Energy Solutions Pte Ltd, also known as M+, a leading
Singapore-based company with a portfolio of distributed, renewable energy assets in
Asia.
The acquistion, 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 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
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 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 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
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®. As the custodian of Malaysia’s national oil and gas resources, we explore, produce
and deliver energy to meet society’s growing needs. The growing demand for energy
inspires and strengthens our purpose to steadily drive for new solutions and push
boundaries towards a sustainable energy future.
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, also known as M+, 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.
For further information, please visit www.petronas.com and www.amplussolar.com
No comments:
Post a Comment