The Tribunal has approved, without conditions, the transaction whereby Greenstreet 1 (Pty) Ltd (“Stanlib Fund II SPV”) will acquire shareholding in Solar Capital De Aar 3 (RF) (Pty) Ltd (“SCDA 3”) from existing shareholders. Post-merger, Stanlib Fund II SPV will exercise joint control over SCDA 3.
 
Stanlib Fund II SPV is a private equity investment fund established to acquire a portfolio of infrastructure assets. It is ultimately controlled and owned by Stanlib Asset Management (Pty) Ltd which is, in turn, wholly owned and controlled by Stanlib Ltd. Of relevance to the proposed transaction are the controlling interests held by the acquiring group in various wind and solar photo-voltaic (“PV”) independent power producers (“IPP”) that operate under the Renewable Energy Independent Power Producer Procurement Programme (“REIPPPP”).
 
SCDA 3, the target firm, is a renewable energy project company and does not control any firms. As an IPP, SCDA 3 is contracted to supply solar PV energy to Eskom under the REIPPPP. SDCA 3 is located in the Northern Cape within the Pixley ka Seme District Municipality.
 
The Tribunal approved the transaction without conditions.

The Tribunal has unconditionally approved the transaction whereby ENGIE Global Developments BV (“ENGIE”) will acquire sole control of Xina CSP South AFRICA (Pty) Ltd (“Xina CSP”) and joint control of Xina CSP Operations and Maintenance (Pty) Ltd (“Xina O&M”).
 
ENGIE is a private company incorporated in accordance with the laws of the Netherlands. In South Africa, ENGIE directly and indirectly controls various firms. ENGIE Group supplies a mix of renewable energy sources through its energy projects (power plants) located in the Western Cape, Northern Cape and Eastern Cape.
 
Xina CSP, a company incorporated in South Africa, is a special purpose vehicle wholly owned and controlled by South Africa Solar Investments S.L. (“SASI”), a private company incorporated in accordance with the laws of Spain. In South Africa, Xina CSP controls Xina Solar One RF (Pty) Ltd (Xina Solar One), which houses the Xina Solar One Project. Xina Solar One is a private company incorporated in accordance with the laws of South Africa. 
 
Xina O&M is also a South African firm. It is controlled by Abengoa South Africa (Pty) Ltd (Abengoa South Africa).
 
Xina CSP O&M operates and maintains the Xina Solar One plant. The Xina Solar One Project is a concentrated solar power plant in the Northern Cape. It sells solar power to Eskom. The Xina Solar One Project is involved in the production of renewable energy (electricity) using Solar PV (a photo-voltaic cell, commonly called a solar cell, is a nonmechanical device that converts sunlight into electricity).
 
The Tribunal concluded that the proposed transaction is unlikely to lead to a substantial prevention or lessening of competition in the national market for renewable Solar PV energy or in the narrow market for the supply of electricity to Eskom by renewable energy producers using Solar PV energy.
 
In addition, the transaction is unlikely to result in any negative effects on the public interest, in particular, on employment or shareholding by historically disadvantaged persons.