The European Commission said the EC has approved the acquisition of Stavro Vind of Sweden by NAEV SOLVENTUS, controlled by NAEV Infrastructure Funds of Germany, Siemens, and Korea Midland Power Co. (KoMiPo), a subsidiary of Korea Electric Power Corporation (KEPCO), of South Korea. The acquisition complies with EU Merger Regulation, the Commission said.
Stavro Vind has been set up for the planning, construction, financing and operation of a wind park composed of two onshore wind farm sites in Sweden. NAEV provides services regarding old-age provision for the medical profession in Germany. Siemens is active in electrification, automation and digitalisation. Through the Siemens Gamesa Renewable Energy unit, Siemens also offers solutions in the area of renewable energy, in particular wind turbines.
KEPCO is the largest electricity supplier in South Korea and is responsible for the generation, transmission and distribution of electricity and the development of power generation projects, including those in the nuclear, wind and coal sectors. The Commission said the EC concluded that the proposed acquisition would raise no competition concerns, given the companies’ moderate combined market positions. The transaction was examined under the simplified merger review procedure.