Petronas makes international foray into renewable energy with M+

Tan Sri Wan Zulkiflee Wan Ariffin speaks during the official launch of Yayasan Petronas in Kuala Lumpur March 1, 2019. ― Picture by Yusof Mat Isa
Tan Sri Wan Zulkiflee Wan Ariffin speaks during the official launch of Yayasan Petronas in Kuala Lumpur March 1, 2019. ― Picture by Yusof Mat Isa

KUALA LUMPUR, April 15 — Petroliam Nasional Bhd (Petronas) has made a foray into renewable energy internationally through the acquisition of Amplus Energy Solutions Pte Ltd, also known as M+.

The national oil and gas (O&G) company today announced that it had entered into an agreement with I Squared Capital, a leading global infrastructure investor, to acquire 100 per cent interest in M+.

In a statement here today, Petronas said the acquistion of M+, a leading Singapore-based company with a portfolio of distributed and renewable energy assets in Asia, was expected to be completed later this month.

President and group chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin said the acquisition reflected Petronas’ strategic intent to grow in the renewable energy space as part of a strategy to step out beyond O&G 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,” he said.

Commenting on the transaction, founding partner of I Squared Capital Gautam Bhandari said M+ had grown by over 400 per cent 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,” he said.

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 megawatts 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 is also working on a number of clean energy initiatives in Malaysia.

Recently, it 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. — Bernama

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