Enron Wind Assets Sell for US$80 Million

FPL Energy has secured agreements to acquire 130 MW of California wind power generation projects from Enron for US$80 million.

Juno Beach, Florida – October 23, 2003 [SolarAccess.com] Under terms of the agreements, FPL Energy and certain FPL Energy affiliates will purchase the assets of the 40 MW Cabazon and the 16 MW Green Power projects near Palm Springs and the 18-MW ZWHC and the 7 MW Victory Garden Repower projects near Tehachapi. In addition, the company has agreed to purchase Enron’s 50 percent ownership interest in the 77 MW Sky River and the 22 MW Victory Garden Phase IV projects. FPL Energy currently owns 50 percent of both Sky River and Victory Garden Phase IV projects. Closing of the agreements is subject to acceptance at a bankruptcy auction currently anticipated to occur in early December and regulatory approvals. The agreements require, under certain circumstances, that FPL Energy be paid a break-up fee of up to $3 million in the event it is not the confirmed buyer on all the agreements. “The addition of these wind projects will complement our existing California assets and further strengthen our industry leading position in wind,” said Jim Robo, president of FPL Energy. With the exception of Green Power Partners I, all of these projects sell 100 percent of their output to Southern California Edison under long-term contracts. FPL Energy is targeting to close the acquisition by early 2004. FPL Energy owns and operates 37 wind facilities in operation in 14 states. FPL Energy has a generating portfolio of more than 10,000 net MW in operation with more than 2,000 MW coming from clean and renewable wind energy.
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