The Ralls Corporation, a U.S. company affiliated with Chinese machinery manufacturer Sany group said they have settled their lawsuit against the U.S. government on Wednesday, CCTV reported.
The company announced that the U.S. government has also dismissed it's pending enforcement suit against Ralls.
The company filed a lawsuit against U.S. President Barack Obama in 2012 for issuing an executive order blocking the company's wind farm project in the U.S. state of Oregon.
Ralls had purchased four wind farm projects in Boardman, Oregon, but the Obama Administration issued an executive order prohibiting the deal,saying it "might take action that threatens to impair the national security of the United States" after it was determined the project was located next to a U.S. Naval Weapons Systems Training Facility.
The Committee on Foreign Investment in the United States (CFIU.S.) also issued an order suspending the wind farm project for the same reason.
The move marked the first time since 1990 that a U.S. president formally blocked a business transaction or required a sale on such grounds, Reuters reported.
The U.S. Court of Appeals in Washington, DC, ruled in 2014 that Ralls must be allowed to challenge evidence that U.S. President Barack Obama drew on to bar its operations connected to wind-farm projects in Oregon.
"The presidential order deprived Ralls of significant property interests. This lack of process constitutes a clear constitutional violation," a unanimous ruling by the three-judge panel said.
Under the terms of the settlement, Ralls can sell its four properties to a third-party purchaser chosen by Ralls to whom the U.S. government had previously objected,the report said.
The settlement also says that CFIU.S. determined that the Ralls company's acquisitions "have not raised national security objections, and that Ralls and the Sany Group are welcome to submit future transactions and investments to CFIU.S. for review."
As part of the settlement, the U.S. government approved two new Sany windfarms, one in Colorado and one in Texas, which is already generating 20 megawatts of wind power for the nation, according to the report.
