BCI Brookfield NBIM Mustang Renewable Infrastructure JV Cleared
Summary
The European Commission cleared the proposed joint venture between British Columbia Investment Management Corporation, Brookfield Asset Management, and NBIM Renewable Infra North America AS, forming Mustang AIV LP to hold US solar and wind renewable energy assets. The Commission determined the operation falls within the scope of Council Regulation (EC) No 139/2004 and, under the simplified treatment procedure, decided not to oppose the operation, declaring it compatible with the internal market and the EEA Agreement.
“For the reasons set out in the Notice on a simplified treatment, 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.”
What changed
The European Commission issued a clearance decision for the formation of Mustang AIV LP, a joint venture among BCI, NBIM, and Brookfield, under Article 6(1)(b) of the EU Merger Regulation. The transaction involves Brookfield transferring interests in multiple US-based renewable energy assets including wind farms and solar facilities to the newly created joint venture entity. The Commission applied the simplified treatment procedure, indicating the operation raised no competition concerns.
Parties to cross-border mergers in the renewable energy or infrastructure sectors that meet EU merger control thresholds should ensure timely notification. The simplified procedure applies to concentrations that do not raise competition doubts, allowing faster clearance without a full Phase II investigation.
Archived snapshot
Apr 21, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
Case M.12346 - BCI / BROOKFIELD / NBIM /
MUSTANG AIV JV
Only the English text is available and authentic. REGULATION (EC) No 139/2004
MERGER PROCEDURE
Article 6(1)(b)
Date: 20/04/2026
In electronic form on the EUR-Lex website under document number 32026M12346
EUROPEAN COMMISSION
DG Competition
Brussels, 20.4.2026 C(2026) 2692 final
PUBLIC VERSION
British Columbia Investment Management Corporation 750 Pandora Avenue Victoria, British Columbia V8W 0E4 Canada NBIM Renewable Infra North America AS Bankplassen 2 0151 Oslo Norway Brookfield Asset Management Ltd. 1500 Royal Centre, 1055 West Georgia Street, P.O. BOX 11117 Vancouver, British Columbia V6E 4N7 Canada
Subject: Case M.12346 - BCI / BROOKFIELD / NBIM / MUSTANG AIV JV Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004 ( ) and Article 57 of the Agreement on the European 1 Economic Area ( ) 2
Dear Sir or Madam, (1) On 24 March 2026, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation, by which British
Columbia Investment Management Corporation ('BCI', Canada), NBIM Renewable Infra North America AS ('NBIM', Norway), controlled by Norges Bank (Norway), and Brookfield Corporation ('Brookfield', Canada), through
() OJ L 24, 29.1.2004, p. 1 (the 'Merger Regulation'). With effect from 1 December 2009, the Treaty 1
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. () OJ L 1, 3.1.1994, p. 3 (the 'EEA Agreement'). 2
EUROPEAN COMMISSION
Brookfield Asset Management Ltd. (Canada), will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of Mustang AIV
LP ('Mustang AIV', United States of America) to which Brookfield will transfer
interests in UG Mustang Holdco LLC, Deriva Mustang Holdco LLC, North Allegheny Wind Energy Pledgor LLC, Scout Mustang Holdco LLC, Goose Prairie Holdings LLC, California Wind Finance LLC, UG Land Holdco LLC, Mustang BESS LLC, UGP4 Finance Holding LLC (all of United States of
America) (together, 'Target Assets'), currently controlled by Brookfield. ( ) The 3
concentration is accomplished by way of purchase of shares in a newly created company constituting a joint venture. (2) The business activities of the undertakings concerned are the following:
- BCI is an agent of the Government of British Columbia investing on behalf
of its clients across a range of asset classes, including fixed income, public equities, private equity, infrastructure, renewable resources, real estate and commercial mortgages,
- NBIM is the investment management division of Norges Bank, which
manages the Government Pension Fund Global under an investment mandate from the Norwegian Ministry of Finance,
- Brookfield is a Canadian global asset manager with a focus on renewable
power and transition, infrastructure, private equity, and real estate. (3) The Target Assets are solar and wind renewable energy assets based in the United States of America. (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 treatment for certain concentrations under Council Regulation (EC) No 139/2004. ( ) 4 (5) For the reasons set out in the Notice on a simplified treatment, 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)
Anthony WHELAN
Director-General Directorate-General for Competition
() OJ C, C/2026/2057, 1.4.2026. 3 () OJ C 160, 5.5.2023, p. 1 (the 'Notice on a simplified treatment'). 4
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