Competition Commission recommends approval of Norfund’s buyout of Anthem
The Competition Commission has recommended that the Competition Tribunal approve the acquisition of independent power producer (IPP) Anthem Group by the Norwegian Investment Fund for Developing Countries (Norfund) without conditions.
In South Africa, Norfund controls renewable-energy developer H1 Capital and IPPs Globeleq Energy Trading and Globeleq Southern Africa Bess Holdings. Norfund and its firms are the Norfund Group.
The Norfund Group holds a diversified renewable-energy portfolio comprising wind, solar, hydro and related assets, the majority of which are classified as public offtake projects under the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP).
The Norfund Group also has a limited number of renewable-energy assets classified as private offtake projects, the commission says.
Further, Anthem operates as an IPP under the REIPPPP and supplies electricity generated from solar PV and wind to State-owned Eskom. It also participates in the private commercial and industrial market by supplying large power users, energy traders and aggregators.
The commission is of the view that the proposed transaction is unlikely to substantially lessen or prevent competition in any market. The proposed transaction does not raise significant public interest concerns.
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