April 15, 2019
The deal marked the Malaysia government-run oil and gas firm’s foray into the international renewable energy space
Petronas acquired Amplus Energy Solutions from I Squared Capital, a New York-based global infrastructure investor
With a capacity of 500 MW under operation and development, M+ serves over 150 commercial and industrial customers
India is currently ahead of schedule in its target to set up additional renewable energy capacity of 175 GW by 2022
Petroliam Nasional Berhad (Petronas) said on April 15 that it has acquired Amplus Energy Solutions Pvt Ltd, an India-focused rooftop and ground-mounted solar installer, for over US$388 million. The deal marked the Malaysia government-run oil and gas firm’s foray into the international renewable energy space. Petronas acquired the 100 per cent interest in Amplus Energy Solutions from I Squared Capital, a New York-based global infrastructure investor. Singapore-based Amplus, also known as M+, controls a portfolio of distributed, renewable energy assets across Asia. Renewable energy has come up as a ready solution to drive growth in developing economies worldwide.
With a cumulative capacity of more than 500 MW under operation and development, M+ serves over 150 commercial and industrial customers at over 200 locations across the Middle East Southeast Asia and India. The acquisition is in line with a bigger trend of oil and gas giants expanding into renewable energy to secure future growth. Meanwhile, India has come up as a leading market for deployment of new renewable energy projects globally, and the fiscal year 2018-19 saw increased activity in the space. As of March 2019, over 21 per cent of the nation’s total power generation capacity of around 350 GW was represented by renewable resources, mainly solar and wind.
With renewable energy making steady inroads at both utility and residential levels, the sector has seen a steady growth in investment and innovation. India is currently ahead of schedule in its target to set up additional renewable energy capacity of 175 GW by 2022. The target includes 100 GW from solar, 60 GW from wind, 10 GW of bio-power and 5 GW from small hydro power. When online, this will help move 40 per cent of its installed power generation capacity to clean sources by 2030. Besides power production assets, the expansion of India’s renewable sector has offered opportunities in transmission, distribution and storage technologies, further expanding the renewable market.