THE Philippine Competition Commission (PCC) said yesterday it has approved the acquisition of shares by solar energy firm Alterpower Specialist Inc. in Enfinity Philippines Renewable Resources Fourth, Inc., which operates a solar power plant in Digos, Davao Oriental.
PCC said in a decision that it would take no further action with regard to the transaction.
“Sufficient competitive constraints remain from other market participants and the transaction does not result in increased likelihood of anti-competitive coordinated behavior,” the PCC said.
Alterpower is a domestic corporation authorized to engage in the development and operation of solar energy power projects. Its ultimate parent entity is Clean Renewable Energy Solutions Philippines, Inc., also a domestic renewable energy company.
Enfinity is a domestic corporation engaged in the exploration, development and utilization of renewable energy resources.
It owns and operates the Digos Solar Power Plant in Digos City, Davao del Sur, which is directly connected to the Mindanao Grid and is its sole operating asset.
After the transaction, Alterpower will own 65 percent of Enfinity’s outstanding capital stock.
The Philippine Competition Act mandates the PCC to review mergers, acquisitions and joint ventures of firms across all sectors that meet the threshold to ensure that these deals will not harm the interest of consumers.