Portugal's Competition Authority (AdC) gave the green light to Finerge's entry into the solar energy business in the country.
The Competition Authority (AdC) gave the green light to Finerge’s entry into the solar energy business in Portugal, through the purchase of four parks from Glenmont Partners, according to a notice published on the AdC website.
“The Board of the AdC has adopted a non-opposition decision on the merger”, reads the notice, in which it is justified that the decision was taken because the transaction is not “likely to create a significant impediment to effective competition in the market”.
The AdC’s decision, taken on Tuesday, 21 days after the transaction was notified on March 30, thus gives the green light to the FRGE 2 deal, a company under Luxembourg law that controls the Finerge group, a group of companies under Portuguese law dedicated to the production of renewable energy in Portugal.
The FRGE 2 notification aimed at acquiring sole control over C.S.N.S.P. 432, C.S.N.S.P. 442, Sol Cativante VII and Sol Cativante V, held by Glennmont Partners Group.
These four solar power plants, which FRGE 2 wants to acquire, are dedicated to the production of solar energy and are controlled by two vehicle companies, which in turn are held by two funds managed by Glennmont Partners.
Glennmont Partners is a UK-based management company specialising in renewable energy generation assets.
FRGE 2, which controls the Finerge Group, is indirectly owned by the First State European Diversified Infrastructure Fund FCP-SIF, managed by First State Investments Fund Management, a company wholly owned by the Japanese financial entity Mitsubishi UFJ Financial Group.