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In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the following “operation summary” below, containing the information provided by the parties.
This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.
The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.
Names of the companies and groups concerned:
- Acquirer No. 1: “Renewable Energy Localization Company”;
- Acquirer No. 2: “Envision Energy Technology Pte. Ltd.”;
- The target: “En Vision Arabia for Industry”.
Nature of the operation
- Takeover
Economic sectors concerned
- Manufacturing and supply of Wind Turbine Generation Systems (WTGS).
Deadline for interested third parties to submit their observations
- 10 days from the date of publication of this press release, i.e., December 26, 2024.
NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES
The Council received notification of an economic concentration operation concerning the joint takeover of the company “En Vision Arabia for Industry” by the company “Renewable Energy Localization Company” alongside the company “Envision Energy Technology Pte Ltd”.
“Renewable Energy Localization Company” is a single-shareholder joint-stock company established under the laws of the Kingdom of Saudi Arabia registered under number 1010939611. RELC is a wholly-owned subsidiary of the Public Investment Fund. RELC operates in investment activities and portfolio companies in the renewable energy sector.
“Envision Energy Technology Pte. Ltd.” is a private limited company limited by shares established under the laws of the Republic of Singapore registered under number 202305993Z. Envision is engaged in the manufacturing and supply of Wind Turbine Generation Systems (WTGS) and Battery Energy Storage Systems (BESS).
“En Vision Arabia for Industry” (the target) is a limited liability company established under the laws of the Kingdom of Saudi Arabia registered under number 3550153545. Once funded and operational, the Target will manufacture and sell land-based WTGS in the Middle East and Africa.
Done in Rabat on December 12, 2024
