Malaysia’s Petronas acquires SG-based solar firm Amplus Energy

FILE PHOTO: A Petronas logo at their office in Kuala Lumpur, Malaysia August 15, 2017. REUTERS/Lai Seng Sin

Malaysian state-owned oil and gas firm Petronas said on Monday it had 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 or M+, specialises in rooftop and ground-based solar power projects with a cumulative capacity of over 500 megawatt (MW) under operation and development. It has projects across India, the Middle East and South East Asia, according to a statement from Petronas.

“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, formally known as Petroliam Nasional Berhad.

Amplus Energy is Petronas‘ first international solar venture. Petronas didn’t disclose financial terms of the deal, which sees it acquire 100 percent of the target.

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.

It said last year it would explore new business areas including new energy and assess opportunities in solar power, and in November set up a new business in the group to push into renewable energy.

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Malaysia’s Petronas acquires SG-based solar firm Amplus Energy

Reuters

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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