The acquisition of joint control over newly created joint venture MSS Energy Holdings by GIG Solar Holdco, both of the US, an indirectly wholly-owned subsidiary of Macquarie Group, and Siemens Aktiengesellschaft of Germany complies with EU merger regulation, the European Commission said on August 24.

The joint venture will be active in origination, development, delivery and financing of “energy as a service” projects in the US.

GIG Solar is a green infrastructure company. Macquarie is a global provider of banking, financial, advisory, investment, and funds management services. Siemens’ main areas of business activity are electrification, automation and digitalisation.

The Commission said the proposed acquisition would raise no competition concerns, given that the joint venture will not have any presence in the European Economic Area. The transaction was examined under the simplified merger review procedure.

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