EUROPEAN COMMISSION DG Competition

Only the English text is available and authentic.

REGULATION (EC) No 139/2004 MERGER PROCEDURE

Article 6(1)(b) NON-OPPOSITION Date: 08/01/2024

In electronic form on the EUR-Lex website under document number 32024M11374

EUROPEAN COMMISSION

Brussels, 8.1.2024 C(2024) 133 final

PUBLIC VERSION

Buckland Investment Pte. Ltd. 168 Robinson Road #37-01 Capital Tower 068912 Singapore Singapore

Clean H2 Infra Fund S.L.P. 69 Rue de Richelieu 75002 Paris France

Dear Sir or Madam,

1.On 5 December 2023, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation, by which Buckland Investment Pte. Ltd., (“Buckland”, Singapore), and Clean H2 Infra Fund S.L.P., (“Hy24 Investor”, France), will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control over the whole of InterContinental Energy Holdings Group Limited (“ICE”, British Virgin Islands) by way of purchase of shares.

The business activities of the undertakings concerned are the following:

−− Buckland, headquartered in Singapore, is managed by GIC Special Investments Pte Ltd (“GICSI”, Singapore). GICSI manages a diversified global portfolio of investments in private equity, venture capital and infrastructure, as well as direct investments in private companies,

1OJ 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.

2OJ L 1, 3.1.1994, p. 3 (the ‘EEA Agreement’).

3Publication in the Official Journal of the European Union, OJ C, C/2023/1550, 15.12.2023.

Commission européenne/Europese Commissie, 1049 Bruxelles/Brussel, BELGIQUE/BELGIË - Tel. +32 22991111

−− Hy24 Investor is a French alternative investment fund incorporated in the form of a special limited partnership. It focuses on scaling proven hydrogen technologies for mature infrastructure assets,

−− ICE, headquartered in British Virgin Islands, is a technology and project development company focused on intercontinental renewable energy projects, transmission, cables, vessels, and the downstream production of hydrogen and hydrogen-based chemicals with a portfolio of projects across Australia and the Middle East.

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 treatment for certain concentrations under Council Regulation (EC) No 139/2004.

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) Olivier GUERSENT Director-General

OJ C 160, 5.5.2023, p. 1–10.