The Philippines Competition Commission (PCC) has given the green light to Kepco Philippines Holdings’ acquisition of a 38% stake in Solar Philippines Calatagan Corp (SPCC), a unit of Solar Philippines.
The acquisition will mark the entry of Kepco Philippines, which is a unit of Korea Electric Power Corp (KRX:015760), into the renewable energy market in the Philippines.
The PCC said in its decision last week that the potential deal “will not result in substantial lessening of competition in the power generation market.” According to the watchdog, both companies operate on the power generation market but do not compete with each other either in the wholesale electric spot market or in the market for bilateral contracts.
SPCC, the acquisition target, is the owner of the 63.3-MW Calatagan solar park in Batangas province, the largest one of its kind on the island of Luzon. The facility consists of over 200,000 photovoltaic (PV) panels that have been operational since 2015.
SPCC’s parent, meanwhile, is involved in the development, funding and construction of solar parks, having a portfolio of 300 MW of operational or under-construction projects. It also owns a 800-MW PV panel factory.
Choose your newsletter by Renewables Now. Join for free!