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BUSINESS & TECH

National Security Concerns Short-Circuit U.S. Solar Farm Deal

A worker installs a photovoltaic panel in San Francisco on May 9. Photo: VCG
A worker installs a photovoltaic panel in San Francisco on May 9. Photo: VCG

A Chinese buyer has scrapped a year-old plan to buy three California solar farms, becoming the latest victim of growing U.S. efforts to block investments in sensitive areas under the administration of President Donald Trump.

Shenzhen Energy Group Co. Ltd. said it was terminating the deal to buy the plants after failing to get approval from the Committee on Foreign Investment in the United States (CFIUS) within an agreed time frame, according to a stock exchange announcement dated on Thursday. (link in Chinese) The company had agreed in October to buy the plants for $232 million from Recurrent Energy, the solar farm developing arm of panel maker Canadian Solar Inc. 

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