Solar

Sale of AstroPower to GE Energy Approved

March 16, 2004 [SolarAccess.com] Just a couple years after snatching up Enron Wind at bargain basement prices, US industrial heavyweight, General Electric is getting into the solar business with another low cost renewable energy acquisition. AstroPower will be sold to GE Energy now that the US Bankruptcy Court presiding over the beleaguered solar company’s Chapter 11 proceedings approved the sale. While the bid was open to other companies, no one else placed an offer. Most of the company’s assets will be sold to GE Energy for US$15 million cash plus the acquisition of some debt. The sale will likely close by the end of March. SolarAccess.com will follow up on this major development as soon as possible.