CELEX: 32015M7629
Language: en
Date: 2015-06-17 00:00:00
Title: Commission Decision of 17/06/2015 declaring a concentration to be compatible with the common market (Case No COMP/M.7629 - PSP / OTTP / TONOPAH SOLAR INVESTMENTS / TONOPAH SOLAR ENERGY) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

|[pic]                             |EUROPEAN COMMISSION                                                                                      |

                                        Brussels, 17/06/2015
                                        C(2015) 4236 final

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|To the notifying parties:                                              |                                                                       |
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Dear Sirs,

Subject:    Case M.7629 – PSP/ OTTP/ TONOPAH SOLAR INVESTMENTS/ TONOPAH SOLAR ENERGY
         Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004[1] and Article 57 of the Agreement on the
         European Economic Area[2]

1.    On 19 May 2015, the European Commission received notification of a proposed concentration pursuant to Article 4 of  the  Merger  Regulation
      the undertakings Public Sector Pension Investment Board ("PSP", Canada), Ontario Teachers’ Pension Plan Board ("OTPP", Canada) and  Tonopah
      Solar Investments, LLC ("TSI", USA), controlled by SolarReserve CSP Holdings, LLC and Cobra Energy Investments,  LLC,  acquire  within  the
      meaning of Article 3(1)(b) and 3(4) of the  Merger Regulation joint control of Tonopah Solar Energy Holdings I LLC ("the Target",  USA)  by
      way of purchase of shares.[3]

2.    The business activities of the undertakings concerned are:

      -     PSP is one of Canada’s largest pension investment managers. Its portfolio includes shares,  fixed  income  applications,  securities,
           investment in real estate and private equity, as well as in the infrastructure and renewable resources sectors;

      -     OTPP is an investment fund that distributes its portfolio among 6 main asset classes: (i)  public  equities;  (ii)  private  capital;
           (iii) fixed income and alternative investments; (iv) infrastructure; (v) tactical asset allocation and natural  resources;  and  (vi)
           real estate;

      -     TSI is responsible for the day to day management of the Target;

      -     for the Target : Its activities relate solely to the construction and operation  of  a  110  MW  (nameplate  125  MW)  solar  thermal
           generation plant in Nevada, USA.

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(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 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)
                                        Alexander ITALIANER
                                        Director-General

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[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 179, 02.06.2015, p. 8.

[4]   OJ C 366, 14.12.2013, p. 5.

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                                                                  PUBLIC VERSION

                                                           SIMPLIFIED MERGER PROCEDURE