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China firm told to divest U.S. wind farms

Oct. 1, 2012 at 10:01 PM   |   Comments

WASHINGTON, Oct. 1 (UPI) -- Chinese-owned Ralls Corp. has been told it must give up four Oregon wind farm project companies it acquired this year, the U.S. Treasury Department says.

The department said in a release President Obama issued an order Friday "prohibiting the acquisition and ownership of four wind farm project companies by Ralls Corp., its owners, its subsidiaries and its affiliates."

The department noted Ralls is owned by Chinese nationals and is affiliated with a Chinese construction equipment company that manufactures wind turbines. The wind farm sites are all within or in the vicinity of restricted air space at Naval Weapons Systems Training Facility Boardman in Oregon.

Obama took the action under the Defense Production Act of 1950 and Foreign Investment and National Security Act of 2007 that authorizes him to suspend or prohibit acquisitions of U.S. businesses by foreigners "where he finds that there is credible evidence that the foreign interest exercising control might take action that threatens to impair national security."

"The president's action demonstrates the administration's commitment to protecting national security while maintaining the United States' longstanding policy on open investment," the Treasury Department said. "The administration will continue to ensure that the United States remains the most attractive place for businesses to locate, invest, grow and create jobs."

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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