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Greenhunter Energy (GRH) Sells Equity Ownership Interest In Guangdong MingYang Wind Power Technology Co., Ltd
Greenhunter Energy just announced that it has sold 100% of its ownership interest in Guangdong MingYang Wind Power Technology Co., Ltd to DT Capital China Growth Fund L.P for a cool $9,110,000.
In a press release, Mr. Gary C. Evans, Chairman and CEO of GreenHunter Energy, Inc., explained why selling this investment makes sense and how it will impact the company:
“When we originally made this investment in late 2007, the primary purpose was to form a strategic alliance with a Chinese wind turbine manufacturer that would deliver new turbines to us for use at our Company owned projects. We had previously negotiated favorable terms on deliverability timelines and purchase price. 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. Therefore, this strategic investment no longer made sense to our company and the cash received certainly improves our working capital position. GreenHunter Energy will report a capital gain on its investment in MingYang during the fourth quarter of this year.”
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