Sale of Enron Wind Gets Court OK

A U.S. Bankruptcy Court judge approved the purchase of Enron Wind Corp. by GE Power Systems for US$325 million. The purchase now awaits European Union regulatory approval, which is expected within the next several weeks.

ATLANTA, Georgia – April 17, 2002 [] “Receiving this approval represents an important next step in helping GE Power Systems move into one of the fastest growing sectors of the energy industry,” said John Rice, president and chief executive officer of GE Power Systems. “Adding the resources of Enron Wind will further expand and diversify our portfolio of environmentally friendly power generation options.” Enron Wind, a wholly owned subsidiary of Enron Corp. of Houston, Texas, has 1,600 employees worldwide and is headquartered in Tehachapi, California with manufacturing operations there, Germany and Spain. The company’s fully integrated wind power capabilities include power plant design, engineering and site selection, and operations and maintenance services. The wind energy sector is expected to grow about 20 percent a year, with principal markets in Europe, the U.S. and Latin America.
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