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Suzlon boss acquires UK developer
1 August 2008
Tulsi Tanti, boss of Indian wind power giant Suzlon, is spreading his wings even further with the acquisition of Honiton Energy Holdings, a UK company based in China. Colossus Holdings, a holding company of the Tanti Group based in Singapore, is teaming up with Bahrain-based international investment firm Arcapita Bank for the venture. Arcapita's previous involvement in the wind market was in the UK, where it developed and then sold a 391 MW portfolio of wind farms. The Honiton deal, involving a total investment of at least $2 billion by 2012, gives Colossus and Arcapita a development portfolio of 1650 MW of wind projects in Inner Mongolia. Honiton, established in 2005, already has 50 MW of wind plant operating in China, with another 100 MW well under development. Deals with regional and state authorities in China give it firm agreements to develop wind farms in five areas by 2012. The company also holds a 16.65% stake in turbine manufacturer Repower North (China), with Germany's Repower -- now controlled by Suzlon -- holding the majority share of 50.01%. Chinese steel and engineering company North Heavy Industry Corporation owns the remaining 33.34%. Under the takeover deal, Honiton's existing major shareholders will retain a 10% stake in the company.
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