ABB_id2059
in News Departments > New & Noteworthy
print the content item

Grapevine, Texas-based GreenHunter Energy Inc. has entered two definitive agreements with wind turbine manufacturer MingYang Wind Power Technology Co. Ltd., based in Guang Dong Province, People's Republic of China (PRC).

GreenHunter will acquire a 6.3% equity interest in MingYang for approximately $10 million. GreenHunter's investment is conditioned upon approval from the appropriate governmental authorities to allow for a foreign investment in the PRC. In addition, Wind Hunter LLC., a wholly owned subsidiary of GreenHunter, has secured a master wind turbine supply agreement with MingYang that allows Wind Hunter to purchase 900 MW of new capacity for wind projects to be developed between 2008 and 2012 in North America.

Key components of the supply agreement include:
- purchase by Wind Hunter of 108 MW of 1.5 MW wind turbines for new projects in the U.S.,
- preferential right for Wind Hunter to purchase any turbines to be exported by MingYang to North America from 2009 through 2012, and
- the right for Wind Hunter to purchase larger capacity turbines if manufactured by MingYang from 2009 through 2012.

MingYang says it has existing orders from companies for installation of wind turbines within the PRC that exceed 1,000 MW.

"The significance of this transaction to our organization is twofold," says Gary Evans, chairman and CEO of GreenHunter. "First, we will now have long-term access to turbine equipment at a time when such equipment is extremely scarce worldwide. Second, we are excited to be the first company in the United States to employ turbines manufactured in China."

Hybrid Energy Innovations 2015

Trachte_id2056
Latest Top Stories

The Song Remains The Same: AWEA Says Stable Policy Can Protect U.S. Wind Investment

Although the U.S. wind industry added more than four times the amount of wind in 2014 compared with 2013, predictable policy is needed to sustain its long-term success.


High Net-Worth Investors Claim 'All Of The Above' On Energy, Renewable And Otherwise

According to a recent Morgan Stanley poll, high-dollar investors favor investment in renewable energy technologies, such as wind and solar.


U.S. Wind Power Installations Surpassed 4.7 GW Last Year, Although China Still Leads

Bloomberg New Energy Finance reports that U.S. wind installations came back in a big way from a disappointing 2013.


IRS Specifies Performance, Quality Standards For Small Wind Turbines

The Internal Revenue Service (IRS) recently issued guidelines creating safety and performance standards for small wind turbines to be eligible for the 30% investment tax credit.


Hot Times North Of The Border: Canada Tops Previous Record For Installed Wind Capacity

For the second consecutive year, Canada's wind market has bested the country's previous mark for new installations.

Hybrid Energy Innovations 2015