European Commission
Commission clears creation of joint venture by ALBA, BPCE and CDC
The European Commission has approved, under the EU Merger Regulation, the creation of a joint venture by: (i) Alba NGM Co-Invest S.L.P.S, controlled by Alba Infra Founding Partners SAS (‘ALBA'); (ii)Mirova Energy Transition 6 S.L.P., controlled by BPCE SA; and (iii) Caisse des dépôts et consignations (‘CDC'), all of France.
The transaction relates primarily to investments in low-carbon mobility and distributed renewable energy systems in France.
The Commission concluded that the notified transaction would not raise competition concerns, given that the joint venture has negligible activities in the European Economic Area and given the companies' limited combined market position resulting from the proposed transaction. The notified transaction was examined under the simplified merger review procedure. This summary approval is an example of the Commission reducing the regulatory burden on companies and quickly approving a transaction that will clearly not harm competition in Europe, and which rather aims to support the EU's decarbonisation efforts and the clean energy transition.
More information is available on the Commission's competition website, in the public case register under the case number M.12067.
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