The Philippines Competition Commission (PCC) has cleared Kepco Philippines Holdings to acquire a 38% share in Solar Philippines Calatagan Corporation (SPCC), a unit of Solar Philippines.
PCC said: “The proposed acquisition will not likely result in any substantial lessening of competition, for the reason that the Parties, while both present in the market for power generation, appear not to compete either in the Wholesale Electric Spot Market or in the market for bilateral contracts, and thus do not compete within the same relevant market.”
SPCC was established to develop, finance, design, engineer, construct, complete, maintain, own and operate a 63.3MW solar facility in Barangay Paraiso and Barangay Biga in Calatagan, with over 200,000 solar panels and 828 inverters.
The acquisition will be the first entry of Kepco Philippines, which is a unit of Korea Electric Power Corporation (KEPCO), into the renewable energy market in the Philippines.
In other news, a controversial House Bill granting private Filipino firm Solar Philippines a PV mini-grid and transmission franchise across the Philippines was all but passed through Congress last week.