At first glance, Petronas’ multi-million dollar acquisition of the relatively unheard of Amplus Solar in India seems to follow the trend of other E&P majors looking to diversify into renewables.
The state-owned Malaysian oil and gas company’s move into India sparks intrigue for two reasons. First, prior to the deal, Petronas had absolutely zero footprint in India, so penetration into the Malaysian market – where it has a deep understanding and operational base – would seem to make more sense and carry less risk. Secondly, Amplus Solar is a company more experienced in distributed energy rather than utility-scale assets, a major departure from the normal trend shown by upstream majors but similar to the latest Shell-Cleantech deal.
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