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April 15, 2019updated 16 Apr 2019 6:45am

Petronas take first steps in renewable energy market

Petronas has announced that it has signed an agreement with I Squared Capital to buy renewable energy company Amplus Energy Solutions.

By Jack Unwin

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.

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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.

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.

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Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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