Malaysian oil and gas giant Petronas announced plans on Monday to enter the renewable energy sector via acquisition of the Singapore-based Amplus Energy Solutions Pte Ltd.
Under the agreement with I Squared Capital, a leading global infrastructure investor, Petronas will buy 100% interest in Amplus, a specialist in end-to-end solutions for rooftop and ground-mounted solar power projects.
The acquisition, the completion of which is expected later this month, marks Petronas’ international foray into renewable energy.
The deal reflects the company's strategic attempt to grow in the renewables sector and step beyond oil and gas, said Tan Sri Wan Zulkiflee Wan Ariffin, Petronas president and CEO.
By Zeynep Beyza Kilic