January 26 (Renewables Now) - The European Commission (EC) announced on Wednesday that it has unconditionally approved the joint acquisition of Spanish solar and wind developer Eolia Renovables by French utility Engie's (EPA:ENGI) Spanish arm and lender Credit Agricole's (EPA:ACA) unit Predica.
The planned transaction does not raise competition concerns since there are only limited overlaps between the parties' activities, the EU antitrust regulator said after the conclusion of a simplified review.
The deal was notified to the competition watchdog in early January. The clearance comes well in advance of the February 7 deadline, a notice on the EC's website showed.
Engie and Credit Agricole agreed to buy 97.33% of Eolia from Canadian pension funds manager Alberta Investment Management Corporation in November 2021. The transaction is being carried out through Ordesa Servicios Empresariales SL, a special purpose vehicle jointly controlled by Engie Spain and life insurer Predica.
The transaction gives the buyers control over 899 MW of operating solar and onshore wind farms and a 1.2-GW pipeline of projects.