The Philippine Competition Commission (PCC) found no competition concerns in the proposed joint venture between Verdant Philippines Alpha Pte. Ltd. (Verdant) and Raslag Corporation (Raslag). Under the transaction, Verdant will acquire shares in both Philippine Hybrid Energy Systems, Inc. (Philippine Hybrid Energy) and PHESI Holdings Corporation (PHC), while Raslag will acquire shares in PHC.
Verdant is a Singapore-based holding company focused on renewable energy development. Raslag is a domestic firm engaged in the development and operation of utility-scale solar power plants serving on-grid customers. Through this transaction, Verdant enters the Philippine renewable energy generation market, while Raslag expands its footprint into the off-grid wind power generation market.
Philippine Hybrid Energy holds wind energy service contracts with the Department of Energy for the 16-megawatt Puerto Galera wind power project and the planned 10-megawatt Phase 2 expansion. The company also owns a 7.306-megawatt battery energy storage system designed to support the wind projects, all located in the off-grid area of Puerto Galera, Oriental Mindoro.
The PCC’s Mergers and Acquisitions Office conducted a Phase 1 review and found no horizontal overlaps or vertical relationships among the joint venture partners and the acquired entities. As Raslag operates in the nationwide renewable energy generation market and Philippine Hybrid Energy operates exclusively in the off-grid renewable energy generation market of Mindoro island, they participate in different markets and do not compete geographically.
The Commission determined that the transaction is unlikely to result in a substantial lessening of competition. The presence of larger competitors and a fragmented supply landscape serve as sufficient competitive constraints on the parties’ operations post-transaction.
This review highlights PCC’s role in ensuring that infrastructure investment and market entry proceed without compromising competition. The Commission remains committed to safeguarding consumer welfare and promoting a level playing field.
