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Wind wire: Chinese equity sale

GreenHunter Energy of Grapevine, Texas, has sold its minority ownership equity in a Chinese turbine manufacturer, MingYang Wind Power Technology, for a cash payment of $9,110,000.

The sale, to DT Capital China Growth Fund, comes two years after GreenHunter made a $4 million investment. Gary Evans, GreenHunter's chairman and CEO, says the publicly-held company originally bought into MingYang in order to bring a new supply of turbines into the US market during a climate of equipment shortages that no longer exists. "But we made a good investment and it turned out very well for our shareholders," Evans says. "MingYang has been very successful in China and we more than doubled our investment." None of the machines ever made it to US shores as MingYang fell behind production schedules - scuttling plans to bring 900 MW of the 1.5 MW turbines to the US last year (Windpower Monthly, June 2008). But Evans says GreenHunter maintains a close relationship with the Chinese manufacturer and still plans to bring some turbines, built through a license agreement with Germany's Aerodyn, to the US for its projects. Those include prospective sites in California and Central America, although plans for other projects in Montana, California and Texas are on hold

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