Malaysia’s Petronas buys Amplus Energy
Malaysia’s state-owned oil and gas company, Petroliam Nasional Berhad, or Petronas announced the acquisition of Amplus Energy Solutions Pvt. Ltd, one of India’s largest rooftop solar power producers.
The $391-million (Rs 2,700-crore) deal marks Petronas global foray into the clean energy space. While from New York-based I Squared Capital holds over a 90 per cent stake in Amplus, the balance is held by the management team led by Amplus Founder, MD and CEO Sanjeev Aggarwal.
Petronas said in a statement: “Petronas today announced that it has entered into an agreement with I Squared Capital, a leading global infrastructure investor, to acquire 100 per cent 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.”
Sanjeev Aggarwal will continue to head the firm that has 500 MW under operation and development at 200 locations across India, the Middle East and South East Asia.
Tan Sri Wan Zulkiflee Wan Ariffin, President and Group CEO, Petronas, said in a statement: “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 to providing energy solutions to our customers in these high growth energy markets.”
Founded in 2010, Amplus counts India Yamaha Motor Pvt. Ltd, Jubilant FoodWorks Ltd, Walmart India Pvt. Ltd, Hilton Hotels Corp. and Gurgaon-based Vatika Group among its clients, which are trying to cut their energy costs by harnessing the sun.