Malaysian state-owned oil and gas firm Petronas has acquired a Singapore-based solar energy company as part of a strategy to move into renewable energy, chasing high-growth business to complement its mainstay operations. The solar company, Amplus Energy Solutions Pte Ltd, specialises in rooftop and ground-based solar power projects with a cumulative capacity of over 500 megawatt under operation and development. It has projects across India, the Middle East and South East Asia. “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,” said Wan Zulkiflee Wan Ariffin, chief executive of Petronas. Petronas, the sole manager of Malaysia’s oil and gas reserves, and a significant contributor to government revenue via annual dividends, expressed interest over the last 12 months in diversifying into renewables amid volatile crude oil prices. Amplus Energy is Petronas’ first international solar venture.

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New Straits Times