Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 22.08.2019  
C(2019 ) 6250 final   
PUBLIC VERSION  
To the notifying party  
Subject : Case M .9485  – NAEV  / SIEMENS / KOMIPO / STAVRO VIND  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 30 July 2019 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which NAEV 
SOLVENTUS S.A.R.L , controlled by NAEV Infrastructure Funds (of Germany)  
("NAEV") , Siemens Pr oject Ventures GmbH , controlled by Siemens AG (of 
Germany)  ("Siemens") , and Korea Midland Power Co. ("KoMiPo"), controlled by 
Korea Electric Power Corporation ("KEPCO") (of South Korea ), acquire  within the 
meaning of Article 3(1)(b) and 3(4) of the Merger Regulation  joint control of the 
whole of  Stavro Vind Aktiebolag ("Stavro Vind", of Sweden), currently solely 
controlled  by NAEV, by way of  purchase of shares .3 
2. The business activities of the undertakings concerned are:  
– NAEV provides services regarding old -age provision for the medical 
profession in Germany.  
– Siemens is active in the business areas of electrification, automation and 
digitalization. Through the Siemens Gamesa Renewable  Energy unit, Siemens 
also offers solutions in the area of renewable energy, in particular wind 
turbines.  
– KEPCO is the largest electricity supplier in South Korea and is responsible for 
the generation, transmission and distribution of electricity and the  development 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU’) has introduc ed certain changes, such as the 
replacement of ‘Community ’ by ‘Union’ and ‘common market ’ by ‘internal 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 264 , 6.8.2019 , p. 4. 

2 of power generation projects, including those in the nuclear, wind and coal 
sectors.  
– Stavro Vind has been set up for the planning, construction, financing, and 
operation of the two onshore wind farm sites Blackfjället and Blodrotberget in 
Sweden.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5(c) 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 simplified procedure, the European 
Commission has decided not to oppose the notified operation 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  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Johannes LAITENBERGER  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .