Arcapita JV to invest $2 bln in China wind farms
DUBAI, July 7 (Reuters) - Bahraini Islamic investment bank Arcapita said on Monday it had formed a joint venture with a firm affiliated with Indian conglomerate Tanti Group to invest $2 billion in developing wind farms in China.
Arcapita, which owns Northern Ireland utility Viridian Group Plc VRD.L, and Singapore-based Colossus Holdings had signed an agreement to acquire Chinese wind energy generation firm Honiton Energy Holdings Plc, Arcapita said in a statement.
It did not say how much the joint venture would pay for the stake.
The joint venture will develop wind farms with 1,650 megawatts of capacity in the inner Mongolia region of China, Arcapita said.
Arcapita said in February it was in talks to buy as many as three Asian utilities. This is Arcapita's first investment in China.
(For Reuters content on Islamic finance, click on ISLAMIC)
(Reporting by Daliah Merzaban; Editing by Lin Noueihed)
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