The Philippine Competition Commission (PCC) has approved the sale of Norwegian Investment
Fund for Developing Countries’ (Norfund) interest in SN Power to Scatec Solar ASA.
The $1.17-billion Scatec Solar-SN Power transaction is the first PCC-approved transaction for 2021, following the new threshold of P50 billion ($1 billion) under the Bayanihan II Act, and the 208th overall transaction cleared by the PCC.
Scatec, based in Norway, is known to invest in green energy companies in emerging markets.
SN Power, a wholly-owned subsidiary of the Norfund, develops, builds, owns and operates renewable energy power plants in Asia, Africa and Latin America concentrating on hydropower assets.
In the Philippines, SN Power Philippines is present in Manila-Oslo Renewable Enterprise Inc. and various SNAP entities: SN Aboitiz Power-Magat Inc., SNAP-Projects Inc., SNAP-Benguet Inc., SNAP-Hydro Inc., SNAP-Renewables Inc., SNAP-RES Inc., SNAP-Ifugao Inc., SNAP- Greenfield Inc., SNAP-Generation Inc., SNAP-Cordillera Inc., SNAP-Energy Inc. and Neptune Hydro Inc.
“Although SNAP Entities are joint venture entities between SN Power and Aboitiz Renewables,
Inc., the shares subject of the transaction only cover SN Power’s interests. In effect, SN Power’s interests in Norfund will be replaced by Scatec,” the PCC said.
Until this transaction, acquiring entity Scatec Solar had no operations in the Philippines, but is engaged in developing, building and operating renewable energy power plants globally.
The PCC’s mergers and acquisitions office said the transaction does not result in substantial lessening of competition in the nationwide markets of renewable power generation.