Bahrain bank to fund China wind power

MANAMA, Bahrain, July 8 (UPI) -- Bahrain-based Arcapita announced a partnership with Singapore's Colossus Holdings.

The $2 billion joint venture is aimed at investing in the development of 1,650 megawatts of wind generation capacity in China.

Arcapita Bank B.S.C., a leading international investment firm, announced it has formed a joint venture partnership with Colossus Holdings, a Singapore-based holding company of the Tanti group, the multibillion-dollar Indian conglomerate, which will invest in a portfolio of wind farms in the Inner Mongolia autonomous region of China.

"We have previously built expertise in this sector, which we are very pleased to be extending through this partnership with the Tanti group," said Atif A. Abdulmalik, Arcapita's chief executive officer.

The joint venture partners have signed a definitive purchase agreement to acquire Honiton Energy Holdings PLC, a high-growth Chinese wind energy generation company, which will build the portfolio.

As well as being Arcapita's first investment in China, the deal is also Arcapita's first asset-based investment in Asia. Arcapita previously developed and then successfully sold a 391-megawatt portfolio of wind farms located in the United Kingdom.