Description of Activities

Description: The Commission resolved to approve without conditions the acquisition by Sedgeley Solar Group Proprietary Limited (“SSG”) of shares in Sedgeley Solar Management Proprietary Limited (“SSM”) and Sedgeley Solar Energy Holdings Proprietary Limited (“SSEH”).

Acquiring group: The primary acquiring undertaking is SSG. The acquiring group is active in private financing of renewable energy projects across Africa, as well as investments in agribusiness, food and water, energy, and financial institutions. In Namibia, its activities include owning rooftop solar photovoltaic (PV) projects that serve the commercial and industrial market and managing a fund dedicated to developing and constructing large-scale green hydrogen infrastructure.

Target undertaking: The primary target undertakings are SSM and SSEH. SSM owns small-scale rooftop and ground-mount solar PV projects that are rented to customers in the commercial & industry market for purposes of on-site (“behind-the-meter”) electricity generation. SSEH is responsible for the sale and marketing for new PV projects on behalf of SSM.

Merger Determination

The Commission found the proposed transaction unlikely to result in the prevention or substantial lessening of competition or result in any undertaking to acquire or strengthen a dominant position in the market and did not raise any public interest concerns.

However, as stated under section 50 of the Act, this approval does not relieve parties from complying with any other mandatory statutory approvals that any of the parties to this merger must comply with under Namibian laws.