PETRONAS to Acquire Asia's Leading Distributed Energy Solutions Provider

The transaction marks PETRONAS’ international foray into renewable energy

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 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 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.

About PETRONAS
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. 

About I Squared Capital
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. 

About Amplus Energy Solutions Pte Ltd 
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

Issued by,

Media Engagement Department
Group Strategic Communications 
PETRONAS