The Competition Commission has recommended to the Competition Tribunal that Thebe Renewable Energy Holdings’ proposed acquisition of Phembani Solar Energy, Phembani Renewables, Shanduka Black Umbrellas Energy and Pulida Energy, be approved.
Thebe Renewable is a wholly owned subsidiary of Thebe Investment Corporation (TIC), which is an investment holding company that manages investments portfolios in various industries.
Of relevance to the proposed transaction are TIC’s investments in the energy industry. Through Thebe Renewable, TIC holds and manages the entire group’s renewable energy – solar and wind – investments through special purpose ring-fenced investment companies.
The target firms are special purpose companies created by the sellers to hold a shareholding interest in two renewable energy projects.
The commission found that the proposed transaction is unlikely to substantially prevent or lessen competition in any market. Additionally, the proposed transaction does not raise any public interest concerns.