China Based Company Acquires Renewable Energy Firm In Pakistan
ISLAMABAD, (UrduPoint / Pakistan Point News – 3rd Dec, 2023) China-based M/s. CNNP Rich Energy Co. Ltd. strategically invests in Pakistan’s renewable energy sector through its wholly-owned subsidiary, M/s. CRE International Co., Limited.
The Competition Commission of Pakistan (CCP) has approved the acquisition of M/s. Super Success Investments Limited (SSIL) by M/s. CRE International Co., Ltd. CRE is the wholly owned subsidiary of CNNP Rich Energy Co. Limited, located in Hong Kong. M/s. Super Success Investments Limited (SSIL) is based in Mauritius, according to a press release issued here on Sunday.
SSIL owns a 100 percent shareholding in M/s. UEP Wind Power (Private) Limited is a private company operating and maintaining a 99 MW wind-powered electric generation facility in Pakistan.
CRE has acquired SSIL and thus indirectly acquired UEP Wind Power Pakistan.
CCP conducted a comprehensive review of the merger documentation. Given that the transaction did not lead to the dominance of the acquirer in the relevant market, the CCP has approved the merger.
This transaction serves as a testament to the growing interest of foreign investors in Pakistan‘s renewable energy sector. While the transaction indirectly reflects a substantial foreign investment in the country’s energy landscape, it also underscores the potential for collaborative advancements in the renewable energy domain.
