August 27 (Renewables Now) - The European Commission (EC) has given the thumbs up to the proposed acquisition of stakes in the Stavro Vind wind project's owner in Sweden by Germany's Siemens AG (ETR:SIE) and South Korea's KEPCO.
The specific wind project envisages the construction of two separate onshore wind parks in Blackfjaellet and Blodrotberget. Following the EC’s approval, the scheme's owner, Stavro Vind Aktiebolag, will be jointly controlled by Siemens, Korea Midland Power Co, a subsidiary of South Korean power utility Korea Electric Power Corp (KRX:015760), and Naev Solventus, a unit of Germany’s Naev Infrastructure Funds.
Stavro Vind Aktiebolag is currently solely owned by Naev.
In its decision, issued last week, the Commission states that the proposed deal will not raise any competition concerns, “given the companies' moderate combined market positions.” It has assessed the proposed transaction under the simplified merger review procedure.