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, 11.03.2022  
C(2022 ) 1596 final   
PUBLIC VERSION  
EDF International SAS  
Tour EDF 20, Place de la Défense  
92800 Puteaux  
France  
 
Abu Dhabi Future Energy Ccompany - 
PJSC – Masdar  
PO Box 54115, Opposite Presidential 
Flight  
Masdar City, Abu Dhabi  
United Arab Emirates  
Subject : Case M. 10600  - EDFI / MUBADALA / EMERGE JV  
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 17 February  2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation , by which an existing 
non full -function joint venture Emerge Limited (the “JV” or “Emerge”, United Arab  
Emirates), jointly controlled by EDF International (“EDFI”, France), a wholly -owned 
subsidiary of Electricité de France SA (“EDF”, France) , and by Abu Dhabi Future 
Energy Company PJSC - Masdar (“Masdar”, United Arab Emirates), a wholly -owned 
subsidiary of  Mubadala Investment Company PJSC (“Mubadala”, United Arab 
Emirates), will be  transformed into a full -function joint venture performing on a 
lasting basis all the functions of an autonomous economic entity within the meaning 
of Article 3(4) of the Merger R egulation,  by way of contract or any other means .3 
                                                 
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 introduced 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 89, 25.2.2022 , p. 15. 

2 2. The business activities of the undertakings concerned are:  
 EDF: the generation, transmission, distribution, supply, and trading of energy in 
France and internationally,  
 Masdar: a renewable energy and susta inability company that advances solutions 
in energy, water, urban development and clean technologies in the United Arab 
Emirates and around the world . 
3. The business activities of Emerge  relate to  the operation of building energy efficiency, 
on-site solar po wer generation and public street lighting projects in the United Arab 
Emirates, and the Kingdom of Saudi Arabia . 
4. 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 (a) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
5. For the reasons set out in the Notice on a simplified procedure, the European 
Commissio n 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)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .