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Home Blog Malaysia's Petronas buys Amplus Energy

Malaysia's Petronas buys Amplus Energy

  • Published | 18 April 2019
Petroliam Nasional Bhd (Petronas) acquires Singapore-based Amplus Energy Solutions Pte Ltd, marking its international foray into renewable energy which will drive the solar market in coming years.
Global: Malaysian state-owned oil and gas firm Petronas 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+, specializes in rooftop and ground-based solar power projects with a cumulative capacity of over 500 megawatts (MW) under operation and development. It has projects across India, the Middle East, and South East Asia. The acquisition reflects Petronas' strategic intent to grow in the renewable energy space as part of their strategy to step out beyond oil and gas into the new energy business. According to BlueWeave Consulting, The global solar energy industry is boosting on accounts of a rising population coupled with increasing non-conventional energy prices. The key factors which are positively driving the solar energy market include growing environmental concerns such as greenhouse gas emission accompanied by increasing energy consumption. This is leading industries towards more sustainable and cost-effective energy resources. Moreover, the rate of adoption is increasing due to natural resource depletion and increasing awareness of Solar PV's potential to alleviate pollution. The solar energy market is also fuelled by the ever-increasing demand for electricity in conjunction with government initiatives to promote the use of renewable energy sources. Also, a decrease in the water footprint associated with solar energy systems has boosted the demand in power generation sectors. The demand for solar cells has gained major traction owing to enthuse in rooftop installations, followed by the increase in applications from the architectural sector. Furthermore, multiple subsidies and tax benefits were offered by governments for effectively utilizing barren land for solar power plants are propelling the growth of the market over the forecast period. In addition, the demand for parabolic troughs and solar power towers in electricity generation is expected to boost the market growth of concentrated solar power systems. According to BlueWeave consulting’s report, Titled-“ Global Solar Energy Market, by Technology (Photovoltaic Cells, Concentrated Solar Power Systems), Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others), Generation (First, Second, and Third), and Application (Agriculture & Horticulture, Architecture, Transportation, and Others), By Region (North America, Europe, Asia Pacific, Latin America, Middle East And Africa); Size and Forecast, 2019-2025” – For many years solar was considered as the main pillar of a future renewable energy based system. Demand for a solar panel is increasing prominently all over the world.   North America market for solar panels has been growing rapidly especially due to the growth of residential solar applications in the U.S Global solar panels market is characterized by improving conversion efficiency by key market participants. Key companies operating in this market include Suntech, Sharp Solar, First Solar, Trina Solar, Yingli, Hanwha Solarone, Canadian Solar, SunPower, SolarWorld, and Renewable Energy Corporation. According to BlueWeave consulting’s upcoming report, Titled-“ India Solar Energy Market by Technology (Photovoltaic Cells and Concentrated Solar Power Systems), Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others), Generation (First, Second, and Third), and Application (Agriculture & Horticulture, Architecture, Transportation, and Others), By Region (North, West, East & South); Size and Forecast, 2014-2025,” the India solar energy market is estimated to have high growth over a forecasted period due to rising focus of the government towards sustainable energy generation, availability of abundant sunshine throughout the year makes the country an ideal location for solar power generation. Rapid population growth and increasing urbanization and industrialization is driving demand for energy, traditionally met by coal and crude oil. According to BlueWeave consulting’s upcoming report, Titled-“India Solar Power Equipment Market, By Equipment (Solar Panels, Mounting, Racking, & Tracking System, Storage System, and Others) and By Application (Residential, Nonresidential, and Utility), By Region (North, West, East & South); Size and Forecast, 2014-2025,” the India solar equipment market witnessed robust growth over a forecasted period due to technology advancements and improvements in manufacturing processes. However, rising government investments in the sector, increasing technological advancements and growing environmental concerns are expected to boost solar equipment market over the forecasted years.