China’s Zhuhai Port has announced a plan to take control of Tianneng Heavy Industries by acquiring a 18.37% equity stake from two major shareholders as part of its strategy to expand into the renewable energy sector.
In addition to the share acquisition, Zhuhai Port also plans to further replenish capital into Tianneng Heavy which will increase its shareholding in the company to 29.9%.
Qingdao-based Tianneng Heavy is a major manufacturer of offshore wind towers.
The acquisition follows Zhuhai Port taking control of Tongyu Heavy Industry, another manufacturer of wind power equipment in August.
Zhuhai Port has been actively diversifying its business in the past couple of years. The port is currently developing a bulk carrier fleet to serve the domestic coastal and river markets, and it also partnered up with Zhuhai-based startup company Cloudrift to jointly work on the development of unmanned ships.