The European Commission said on August 16 that the EC has approved, under the EU Merger Regulation, the acquisition of joint control over FHH (Guernsey) Limited by Brookfield Renewable UK Hydro Limited, ultimately controlled by Brookfield Asset Management Inc. of Canada and IP Karugamo Holdings (UK) Limited, ultimately controlled by Engie S.A. of France.
FHHGL, which is is currently jointly controlled by Engie and Mitsui Power Ventures Limited, owns and operates two pumped storage electricity assets in the UK and is active in the wholesale supply of electricity.
Brookfield is a global asset manager whose portfolio is focused on property, renewable power, infrastructure and private equity. Engie is a global player active across the entire energy value chain in the fields of gas, electricity and energy services.
The Commission said the EC concluded that the proposed acquisition would raise no competition concerns given the very limited overlap between the companies’ activities. The transaction was examined under the simplified merger review procedure.