I Squared Capital to Exit Amplus Energy Solutions to
Posted On: 15 Apr 2019 | Source(s): Petronas, Asian Venture Capital Journal | Author(s): Holden Mann
Malaysian national oil and gas company Petroliam Nasional (Petronas) has agreed to acquire 100 percent of Singapore- and India-based distributed solar power developer Amplus Energy Solutions (also known as M+) for a reported INR27 billion (approximately USD389 million). The transaction will provide an exit for global infrastructure fund manager I Squared Capital, which originally invested in Amplus in 2015 through ISQ Global Infrastructure Fund. Amplus has 500 megawatts of cumulative capacity installed and under development across India, Southeast Asia, and the Middle East. The transaction is expected to close by the end of April 2019.