A substantial change in the domestic wind turbine industry is the reason why an American renewable energy company says it is selling its interest in Guangdong MingYang Wind Power Technology Co. Ltd. (MingYang), a manufacturer of industrial-scale wind turbines located in China.
Grapevine, Texas-based GreenHunter Energy Inc. has sold its equity ownership interest in MingYang to DT Capital China Growth Fund LP for a cash payment of $9.1 million. GreenHunter acquired a minority equity ownership interest in MingYang in late 2007.
‘The wind turbine industry here in the U.S. has substantially changed since that time, with ample supply of product and substantially improved delivery schedules available today,’ says Gary C. Evans, chairman and CEO of GreenHunter. ‘Therefore, this strategic investment no longer made sense to our company, and the cash received certainly improves our working capital position.’
SOURCE: GreenHunter Energy Inc.