ISLAMABAD: China’s CNNP Rich Energy Co. Ltd. strategically enters Pakistan’s renewable energy market through its wholly owned subsidiary, M/s. CRE International Co. Limited.
As per details, the Competition Commission of Pakistan (CCP) has greenlit the acquisition of Super Success Investments Limited (SSIL) by CRE International Co. Limited, which is a Hong Kong-based subsidiary of CNNP Rich Energy.
CNNP, the China National Nuclear Corporation is a largely state owned enterprise of the Chinese government dedicated to research, development and production of electric power. Rich Energy Company is the renewable energy arm of CNNP, which in turn owns CRE International.
The acquisition concerns the CCP because SSIL, headquartered in Mauritius, holds a 100% stake in M/s. United Energy Pakistan (UEP) Wind Power (Private) Limited. UEP operates a 99 MW wind-powered facility in Jhimpur, Sindh. With the acquisition of SSIL, CRE indirectly gains control of UEP Wind Power Pakistan, which in turn makes this project a part of CNNP.
Following an extensive review by the CCP, approval for the merger was granted, as it was found not to result in the dominance of the acquirer in the relevant market.
Beyond reflecting substantial foreign investment in the country’s energy landscape, it signals the potential for collaborative advancements in the renewable energy domain.
