Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERG ER REGISTRY, 1049 Brussel,  BELGIË 
 Tel: +32 229-91111. Fax: +32 229-64301. E-mail: COMP-MERGER-REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION 
Brussels, 5.9.2017 
C(2017) 6101 final 
 
 
To the Notifying Parties 
Subject: Case M.8596 – COLINDAL E / GOLDMAN SACHS / JRE  
Commission decision pursuant to Articl e 6(1)(b) of Council Regulation (EC) 
No 139/20041 and Article 57 of the Agreemen t on the European Economic Area2  
Dear Sir or Madam, 
1. On 11 August 2017, the European Commission received notification of a proposed 
concentration pursuant to Ar ticle 4 of the Merger Regul ation by which Colindale 
Investment Private Limited ("Colindale") (Si ngapore), indirectly controlled by GIC Private 
Limited ("GIC" Singapore), and JLQ2 GK (J LQ2) a wholly-owned subsidiary of The 
Goldman Sachs Group, Inc. ("Goldman Sachs" ) (USA) acquire with in the meaning of 
Article 3(1)(b) of the Merger Regulation jo int control of the undertaking GS Renewable 
Holdings GK ("GSRH"), which is the 100%  parent of Japan Renewable Energy 
Corporation ("JRE") (Japan) by way of a purchase of shares.3 
2. The business activities of the undertakings concerned are: 
− Colindale is an investment vehicle ma naged by GIC Special Investments Private 
Limited ("GICSI"). GICSI is a subsidiary of GIC Private Limited (GIC and together 
with all of GIC’s group companies, the "GIC Group"). GICSI ma nages a diversified 
global portfolio of investments in private equity, venture capital and infrastructure 
funds, as well as direct investments in private companies; 
− Goldman Sachs is a global investment ba nking, securities and investment management 
firm that provides a range of banking, securities and investment services; 
− JRE is a developer, owner and operator of  renewable energy projects with business 
activities sole ly in Japan. 
                                                 
1 OJ L 24, 29.1.2004, p. 1 (the 'Mer ger Regulation'). With effect from  1 December 2009, the Treaty on the 
Functioning of the European Union ('TFEU') has intr oduced certain changes, su ch as the replacement of 
'Community' by 'Union' and 'common market' by 'interna l market'. The terminology of the TFEU will be used 
throughout this decision.  
2  OJ L 1, 3.1.1994, p. 3 (the 'EEA Agreement'). 
3  Publication in the Official Journal of the European Union No C 276 ,19/8/2017 , p. 3. 
PUBLIC VERSION 
2 3. After examination of the notification, the Eu ropean Commission ha s concluded that the 
notified operation falls within the scope of the Merger Regulation and of paragraph 5(a)  of 
the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004.
4 
4. For the reasons set out in the Notice on a simp lified procedure, the European Commission 
has decided not to oppose the notified operati on and to declare it compatible with the 
internal market and with the EEA Agreement. This decision is adopted in application of 
Article 6(1)(b) of the Merger Regulati on and Article 57 of the EEA Agreement. 
For the Commission 
(Signed) Johannes LAITENBERGER 
Director-General 
                                                 
4  OJ C 366, 14.12.2013, p. 5.