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 granted approval for the acquisition of M/s. Super Success Investments Limited (SSIL) by M/s. CRE International Co., Limited. CRE is the wholly owned subsidiary of CNNP Rich Energy Co. Limited located in Hong Kong. Whereas M/s. Super Success Investments Limited (SSIL) is based in Mauritius.
SSIL owns 100 percent shareholding of M/s. UEP Wind Power (Private) Limited, is a private company operating and maintaining a 99MW 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 granted approval for 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.
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This transaction serves as testament to the growing foreign control over the economy of pakistan and declining domestic investment, production and national ownership of resources thereby availing the potential of mortgaging the nation.