Volo Group cleared to purchase equity in Solar Capital De Aar

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  • South Africa’s Competition Commission has unconditionally approved the proposed transaction whereby Volo intends to acquire shares in Solar Capital De Aar (Pty) Ltd (SCDA) from the Public Investment Corporation (SOC) Ltd (“PIC”), representing the Government Employees Pension Fund (“GEPF”).

Volo is owned by an individual. According to CIPC records, Kavita Patel is the sole company director. Volo was incorporated to operate as an investment holding company. However, as at the date of the merging filing, Volo does not have any investments in any firm and has no business operations. The primary target firm is SCDA. SCDA does not directly or indirectly control any firm in South Africa.

Solar Capital is a special-purpose company whose sole business is to operate as an Independent Power Producer (“IPP”). SCDA is a participant in the Department of Mineral Resources and Energy’s (“DMRE”) Renewable Energy Independent Power Producer Procurement Programme (“REIPPPP”), which is aimed at bringing additional megawatts onto the country’s electricity system through private sector investment in solar, wind, biomass and small hydro, among others.

The Commission found that the proposed transaction is unlikely to result in substantial prevention or lessening of competition in any relevant markets. The Commission further found that the proposed transaction does not raise substantial public interest concerns.

Author: Bryan Groenendaal


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