Petronas acquires distributed energy firm in first venture into renewable energy

PETALING JAYA: State oil company Petronas today announced an agreement with global infrastructure investor I Squared Capital to acquire 100% interest in Singapore-based company Amplus Energy Solutions Pte Ltd with a portfolio of distributed, renewable energy assets in Asia.

Amplus, also known as M+, caters to commercial and industrial customers, specialising in end-to-end solutions for rooftop and ground-mounted solar power projects. “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.

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