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Petronas Malaysia enters the photovoltaic industry

  • Source:the Internet
  • Release on :2019-04-18
Petroliam Nasional Berhad (Petronas), the Malaysian oil and gas group, entered the renewable energy category for the first time – from the infrastructure investor I Squared Capital, the Singapore solar developer Amplus Energy Solutions (the latter with a 500 MW PV portfolio). The sale is expected to be completed this month, but the financial terms of the sale have not been disclosed.



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Tan Sri Wan Zulkiflee Wan Ariffin, President and CEO of Petronas, stated, “This acquisition reflects the company’s strategic objectives in the renewable energy sector, which is part of our strategy to get out of the oil and gas industry.” An international solar project.

Amplus Energy, also known as M+, is responsible for developing photovoltaic facilities for industrial and commercial customers in Southeast Asia, India and the Middle East. In August of last year, the company completed a 3.44 MW roof array at the India Expo Commercial Center in Uttar Pradesh, India.

Petronas also revealed that it will develop a large-scale rooftop PV project with UiTM Holdings, an investment group of the UlaTM University. According to some sources, the group had bids with Masdar of Abu Dhabi and Sembcorp of Singapore in January this year, intending to buy a small stake in Indian developer Hero Future Energy.

According to estimates by the International Renewable Energy Organization, Malaysia's cumulative PV installed capacity reached 438 MW by the end of 2018, compared with approximately 317 MW at the end of 2017.

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