ANNOUNCEMENT 28 Sep 2012In September 2012, the government of the United States of America announced changed rules for foreign investors.
NUMBER OF INTERVENTIONS
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President Obama signed an order (http://www.whitehouse.gov/the-press-office/2012/09/28/order-signed-president-regarding-acquisition-four-us-wind-farm-project-c) on September 28, 2012 barring a Chinese company (Sany Group) and its US affiliate (Ralls Corporation) from continuing with its purchase of four wind farm project companies. The ostensible reason for the ban, which includes a divestment order to Ralls, is that the wind farm sites 'are all within or in the vicinity of restricted air space at Naval Weapons Systems Training Facility Boardman in Oregon,' according to the Treasury Department's notice of the same day (http://www.treasury.gov/press-center/press-releases/Pages/tg1724.aspx). The Treasury announcement emphasized that the decision was based on national security concerns, and 'is not a precedent with regard to any other foreign direct investment from China or any other country.' The purchase had been given an initial clearance by the inter-agency Committee on Foreign Investment in the United States (CFIUS). The president's order directs the Attorney General to revoke 'CFIUS's Order Establishing Interim Mitigation Measures of July 25, 2012, and Amended Order Establishing Interim Mitigation Measures of August 2, 2012.' 'There is credible evidence that leads me to believe' that Ralls Corp and Sany Group 'might take action that threatens to impair the national security of the United States,' Obama said in the order issued by the White House.