Petronas agrees takeover of Asian distributed solar firm M+

Malaysian oil and gas company Petroliam Nasional Berhad, better known as Petronas, has agreed to take over Singapore-based distributed solar firm Amplus Energy Solutions Pte Ltd, or M+.

Petronas will buy M+ from global infrastructure investor I Squared Capital, it announced today, without disclosing the financial terms of the deal. The buyer expects to close the transaction later this month.

M+ has more than 500 MW of rooftop and ground-mounted solar power systems in operation or under development through which it serves over 150 commercial and industrial customers across India, the Middle East and South East Asia.

This planned acquisition will mark Petronas’ international foray into renewable energy, it said.

In January, newspaper Mint quoted sources as saying that Petronas was holding talks to buy a controlling stake worth INR 27 billion (USD 389m/EUR 344m) in Amplus Energy.

(INR 10 = USD 0.144/EUR 0.127)

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