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OUTCOME OF CASES HEARD BY THE TRIBUNAL ON 7 NOVEMBER 2018
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| Type of matter |
Parties involved |
Competition Commissions Recommendation to Tribunal |
Tribunal Decision |
| Large merger |
Globeleq South Africa Holdings (Pty) Ltd And SA Springbok Holdings (Pty) Ltd, Sunedison Firefly Holding (Pty) Ltd, Sunedison Renewable Energy Holding (Pty) Ltd and Terraform Global Africa Operating (Pty) Ltd |
Approve the merger without conditions |
Approved without conditions |
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Tribunal approves power plant transaction
Earlier this month the Competition Tribunal heard the parties to the proposed merger, in terms of which Globeleq SA intends to acquire SA Springbok, SunEdison Firefly, SunEdison Renewable and TGAO (the target firms), and requested further submissions before issuing its decision in the matter. The Tribunal has now approved this transaction without conditions.
The Competition Commission previously recommended that the merger be approved without conditions.
Background
Globeleq SA does not have any activities as it is a newly incorporated firm. Globeleq Africa is an independent power producer that develops, owns and operates power plants across Africa. In South Africa, Globeleq Africa has controlling interests in two solar power plants and one wind power plant.
Apart from TerraForm Global, the target firms are holding companies incorporated as local shareholders of the several power producing projects in South Africa. This includes South Solar Power Plant is a 31MW photovoltaic facility located in the Limpopo Province; Witkop Solar Power Plant is a 33MW photovoltaic facility located in the Limpopo Province; Boshof Solar Power Plant is a 66MW photovoltaic facility located in the Free State Province; Aries Solar Power Plant is a 10MW photovoltaic facility located in the Northern Cape; Konkoonsies Solar Power Plant is a 10MW photovoltaic facility located in the Northern Cape; and Klipheuwel Wind Power Plant is a 27MW wind farm located in the Western Cape.
The Commission assessed the transaction and concluded that the proposed transaction was unlikely to cause a substantial prevention or lessening of competition in the relevant markets. The Commission further found that the proposed transaction did not raise any public interest concerns hence it recommended that the Tribunal approve the deal without conditions.
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Nandi Mokoena
Acting Communications Officer
Tel: (0) 12 394 1383
Cell: +27 (0) 82 399 1328
Twitter: @comptrib
E-Mail: NandisileM@live.co.za |
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