Brussels, 7 June 2023
The European Commission has approved, under the EU Merger Regulation, the creation of three joint ventures by IB vogt Pte. Ltd. (‘IB’) of Singapore, ACEN CORPORATION (‘ACEN’) and ACEN Renewables International Pte. Ltd., (‘ACRI’), both of the Philippines.
The joint ventures are being set up in Singapore, Taiwan and the Philippines to develop, construct, own and operate solar renewable energy projects in the Asia Pacific region. IB is a subsidiary of Germany-based IB vogt GmbH, a provider of turnkey photovoltaic plants, including design and engineering services, to international investors. ACEN and ACRI are controlled by the Ayala Group, a large and diversified conglomerate, active in renewable power generation, among others.
The Commission concluded that the proposed acquisition would raise no competition concerns, because the joint venture will have limited activities in the European Economic Area. The transaction was examined under the simplified merger review procedure.
More information is available on the Commission’s competition website, in the public case register under the case number M.11046.
Source – EU Commission