Competition Tribunal approves two separate renewable energy transactions
The Competition Tribunal has unconditionally approved two mergers, by the same acquiring firm in the renewable energy sector after determining that both transactions are unlikely to substantially prevent or lessen competition in any relevant market, or have a negative impact on the public interest.
The acquiring firm – Revego Africa Energy Fund Partnership, a limited partnership, represented by Revego General Partner (RF) in its capacity as general partner – is a South African company.
Revego manages third-party funds and provides intermediary services on a discretionary basis and sources and manages investments in operating renewable energy projects in South Africa and sub-Saharan Africa.
In one of the transactions, Revego will acquire shareholding in Aurora Wind Power, and post-merger, Aurora will be jointly controlled by Revego as well as existing shareholder, GDF Suez Energy Asia Turkey and Southern Africa.
Aurora is a renewable energy independent power producer (IPP) responsible for the development, construction, operation and maintenance of a wind farm in Vredenburg, in the Western Cape.
In the second merger, Revego will acquire sole control over special purpose vehicles (SPVs) Genesis Khobab Wind, Genesis Loeriesfontein Wind and Genesis Noupoort Wind.
These SPVs hold a noncontrolling interest in wind farm projects in the Northern Cape.
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