GreenHunter takes stake in MingYang Wind

Grapevine, Texas-based GreenHunter Energy announced a deal today to acquire a stake in China's MingYang Wind Power Technology.

GreenHunter, which is developing assets in wind, solar, biofuels, and biomass, said it would pay $10 million for a 6.3 percent stake in MingYang.

In addition to the equity interest, GreenHunter said it also made a deal to purchase more than 900 megawatts of turbines for wind projects to be developed between 2008 and 2012 in North America.

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

Financial terms of the turbine deal were not disclosed.

"I truly believe that the business relationship between GreenHunter and MingYang is a new milestone of wind energy development and cooperation between two countries," said ChuanWei Zhang, chairman of MingYang.

Deliveries of the turbines are expected to begin in the first half of 2008. GreenHunter said it has several existing sites under development in the U.S.

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