Commission Decision No. 01-M-002/2021: In the Matter of the Proposed Acquisition by Scatec Solar ASA of Shares in SN Power AS
Commission Decision No. 01-M-002/2021:
In the Matter of the Proposed Acquisition by Scatec Solar ASA of Shares in SN Power AS
The transaction involves the acquisition by Scatec Solar ASA (Scatec Solar) of 100% shares of SN Power AS that are currently held by the Norwegian Investment Fund for Developing Countries (Norfund).
Scatec Solar is a public limited liability company duly organized based in Norway. Its business is the establishment and operation of business based on downstream technology for production of renewable energy and the investment in companies operating such business. Scatec is new to the Philippine electricity market as it has no existing business interests in the Philippines.
On the other hand, Norfund is a corporation duly organized and also based in Norway. It was incorporated for the purpose of assisting in developing sustainable business and industry in developing countries by providing equity capital and other risk capital, and/or by furnishing loans or guarantees. In the Philippines, SN Power Philippines are present in the Manila-Oslo Renewable Enterprise, Inc. and various SNAP entities:
- SN Aboitiz Power – Magat Inc.
- SN Aboitiz Power – Projects Inc.
- SN Aboitiz Power – Benguet Inc.
- SN Aboitiz Power – Hydro Inc.
- SN Aboitiz Power – Renewables Inc.
- SN Aboitiz Power – RES Inc.
- SN Aboitiz Power – Ifugao Inc.
- SN Aboitiz Power – Greenfield Inc.
- SN Aboitiz Power – Generation Inc.
- SN Aboitiz Power – Cordillera Inc.
- SN Aboitiz Power – Energy Inc., and
- Neptune Hydro Inc.
Upon consummation of the Transaction, the ultimate legal and/or beneficial owner of the SNAP Entities will change since Norfund will be replaced by Scatec.