Oil and gas company Petronas takes its first steps into the renewable energy market. Credit: BarbicanMan.

Malaysian oil and gas company Petronas has announced that it has signed an agreement with global infrastructure investor I Squared Capital to buy Singapore-based renewable energy company Amplus Energy Solutions. The deal is expected to be completed at the end of the month and will be the company’s first foray into renewable energy.

Amplus, also known as M+, was established in 2013 and specialises in rooftop and ground-located solar panels. The company currently has over 500MW in capacity in operation or under construction in India, the Middle East and Southeast Asia.

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Petronas also announced that it would collaborate with UiTM Holdings to develop solar power plants and rooftop projects, along with on-campus energy optimisation at the Universiti Teknologi Mara in Kuala Lumpur.

Petronas CEO Tan Sri Wan Zulkiflee Wan Ariffin said: “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.”

I Squared Capital founder Gautam Bhandari added: “Under I Squared Capital, M+ grew by over 400% annually to become a world-class, end-to-end company serving the corporates in Asia to reduce their greenhouse gases and combat climate change.

“We believe that M+ will continue to play a leading role in building a greener future thanks to an outstanding management team and wish them and PETRONAS the best in their future endeavours.”

Petronas recently reported post-tax profits of $13.5bn for 2018.