Petronas buys 500MW portfolio of international PV projects

The acquisition is the firm’s first foray into renewables.

Petroliam Nasional Berhad (Petronas) has entered into an agreement with global infrastructure investor I Squared Capital to acquire a 100% interest in Singapore-based firm Ampus Energy Solutions (M+) which owns a 500MW portfolio of PV projects, an announcement revealed.

The acquisition, which is expected to be completed later in April, marks Petronas’ international foray into renewable energy.

According to the announcement, M+ serves more than 150 commercial and industrial customers across India, the Middle East and Southeast Asia.

Petronas is also looking to work in a number of clean energy initiatives in Malaysia. It has announced a collaboration with Universiti Teknologi Mara’s investment arm UiTM Holdings Sdn Bhd to jointly develop large scale PV power plants and on-campus energy optimisation and solar rooftop projects.