Description of Activities

Description of transaction: The proposed transaction involves a move from joint to sole control, in that Sedgeley Solar Management (Proprietary) Limited (“SSM”) intends to acquire the remaining shareholding in Khomas Solar-Saver (Pty) Ltd ("KSS").

Acquiring group: The primary acquiring undertaking is SSM. The acquiring group's business activities mainly revolve around private financing of renewable energy projects across Africa, as well as investments in agribusiness, food and water, energy, and financial institutions. In Namibia, its activities include owning rooftop solar photovoltaic (PV) projects that serve the commercial and industrial market and managing a fund dedicated to developing and constructing large-scale green hydrogen infrastructure. Further, the acquiring group is involved in ownership of small-scale rooftop and ground-mount solar PV projects that are rented to customers in the Commercial & Industry market for purposes of on-site (“behind-the-meter”) electricity generation.

Target undertaking: The primary target undertaking is KSS. The target, through its subsidiary, has over 300 solar PV installation projects, mostly done for shopping centers, hospitals, farms, cold storage facilities, hotels, and manufacturing plants, etc., and in addition comprises small-scale rooftop and ground-mount solar PV projects that are rented out to customers in the commercial and industrial solar market for the purpose of on-site electricity generation.

Relevant market: The merging parties submit that it is not necessary to define the product market due to lack of competitive relationships, while the geographical market is defined as national, being within the boundaries of Namibia.

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