Yeland pulls out of Sany US project purchase

UNITED STATES: Chinese real estate developer, Yeland Group, has aborted a $36 million plan to acquire Sany's four-project portfolio in Oregon.

The projects used Sany's 2MW turbine

In May, Yeland announced plans to acquire the Butter Creek projects, which were set to be developed at the end of the year. The portfolio comprises four wind farms of 10MW each, using Sany's 2MW wind turbine.

However, Yeland announced that recent changes in the US government approval progress has led to its decision to cancel the Butter Creek projects.

As a result, Sany has refunded Yeland subsidiary Zhongjia Hechuang the first instalment of CNY 94.5 million.

Yeland Group said that despite the change it remains interested in investing in wind power projects.

The Butter Creek projects have a power purchase agreement with PacifiCorp and are owned by Intelligent Wind Energy. The wind farms were expected to be connected to the grid at the end of 2012.

Intelligent Wind Energy is fully controlled by Ralls Corporation, a company registered in the United States and owned by Wu Jialiang and Duan Dawei. Sany Electric is the actual controller of Ralls (Sany Electric owns 100% of Ralls).