The Lone Star State’s legislators passed a bill in 2021 to stop the Xinjiang tycoon from building a controversial wind farm. New documents and emails obtained by Forbes shed light on Sun’s effort to keep the project alive.
The Lone Star State’s legislators passed a bill in 2021 to stop Sun Guangxin from building a controversial wind farm. New documents and emails obtained byTexas Governor Greg Abbot signed the Lone Star Infrastructure Protection Act, a bill that banned companies controlled by individuals who are citizens of China, Iran, North Korea and Russia from accessing Texas’ electrical grid and other “critical infrastructure” assets.
“Having a sequence of letters of intent and terminations between the same purchaser and the same buyer on the same assets is unusual. I’ve never seen anything like it.”But others don’t see Sun’s moves as just tough negotiating.
130,000 acres of land in Val Verde County for an estimated $110 million beginning in 2016; he still collects royalties from Rocksprings, a wind farm operation that has turbines on land he owns in the eastern part of the county. In 2018, Sun bought Carma Ranch from David Frankens, a businessman and land flipper from East Texas, who sold him on the opportunity to develop an onshore wind farm on the site.
Despite selling the project rights to Babcock & Wilcox, GH America kept dealing, holding another series of negotiations with Jim Spano, a New Jersey-based investor in green technology and real estate, for some of the same assets GH America had already sold. Spano wanted to buy Carma Ranch and the rights to part of Blue Hills Wind in order to develop solar panels on the site.
Greenalia completed its purchase of Blue Hills Wind on June 30, 2022, per a transaction document. It reportedly paid $15 million, according to several individuals familiar with the price On July 22, Spano says he executed yet another letter of intent to acquire Carma Ranch. But final negotiations dragged on, and by September the deal was off once again.
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