Law360, New York (September 28, 2012, 8:34 PM ET) — President Barack Obama on Friday blocked a company owned by Chinese nationals from acquiring four wind farm project companies in Oregon, saying the deal might threaten U.S. national security. In an executive order issued late in the day, Obama barred Ralls Corp., a Delaware company owned by two Chinese manufacturers, from completing its purchase of the projects, all of which are located near a Navy weapons training facility in Boardman, Ore.

Ralls said in March it would buy the wind farm companies from a subsidiary of Terna Energy USA Holding Corp. The Committee on Foreign Investment in the United States, which is led by the Treasury secretary, suspended the deal and recommended that Obama prohibit it — a move that was met with a lawsuit from Ralls in mid-September.

“The president’s action demonstrates the administration’s commitment to protecting national security while maintaining the United States’ long-standing policy on open investment,” the U.S. Department of the Treasury said in a statement on the decision Friday. “The administration will continue to ensure that the United States remains the most attractive place for businesses to locate, invest, grow and create jobs. The president’s decision is specific to this transaction and is not a precedent with regard to any other foreign direct investment from China or any other country.”


Read the full article from Law360 here.