CCP approves the acquisition of a Luxembourg company operating in the Pakistani solar energy market

ISLAMABAD, June 21, 2024: Competition Commission of Pakistan (CCP) has approved the acquisition of 100% of M/s. Actis Holdings Sarl (Actis Holdings), a Luxembourg based company present in the Pakistan solar market, by M/s. General Atlantic Partners, LP (GA), a US-based company.

Actis Holdings is a sustainable infrastructure investor with a diversified portfolio across energy infrastructure, long-term infrastructure, digital infrastructure, real estate and private equity. Funds managed by Actis hold a majority stake in Solis, which is the majority shareholder of Yellow Door. Yellow Door is actively engaged in solar energy business in Pakistan.CCP approves merger of IBP and NIBAF

Founded in 1980, New York-based acquisition company General Atlantic Partners, LP (GA) is a growth capital firm that provides capital and strategic support to growing companies around the world. GA boasts an impressive portfolio of 225 companies operating in six global sectors: climate, consumer, financial services, healthcare, life sciences and technology.

CCP’s Phase I competitive assessment identified “Power Generation – Solar” as the relevant product market. The assessment showed Actis Holdings’ indirect presence in Pakistan through Yellow Door, which has a market share of less than 1% and remains unchanged after the transaction. Ultimately, the proposed acquisition will not result in GA gaining dominance in the relevant market.

This move is expected to bring improved expertise, technology and capital to the local market, supporting competition and innovation in the renewable energy sector.