Malaysia's state-owned oil and gas firm Petronas is acquiring Singapore's distributed energy solutions provider Amplus Energy Solutions, also known as M+, to venture into renewable energy.
Petronas said in a statement Monday that it had entered into an agreement with I Squared Capital, a leading global infrastructure investor, to acquire 100 percent interest in Amplus Energy Solutions. The acquisition is expected to be completed later this month.
Petronas's President and CEO Wan Zulkiflee Wan Ariffin said the acquisition reflects the group's strategic intent to grow in the renewable energy space as part of its 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," he added.
According to the statement, Amplus Energy Solutions has a cumulative capacity of over 500 megawatts under operation and development, and serves more than 150 commercial and industrial customers at over 200 locations across India, the Middle East and Southeast Asia.
Editor:Cherie
