ATLANTA, Ga., April 12, 2002 — GE Power Systems is moving forward with its proposed acquisition of Enron Wind Corp, a manufacturer and installater of wind turbine generators.
The transaction was approved on April 11 by the U.S. Bankruptcy Court, and is still subject to European Union regulatory approval, which is expected within the next several weeks.
“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. The wind energy sector is expected to grow about 20 percent a year, with principal markets in Europe, the U.S. and Latin America.
“Adding the resources of Enron Wind will further expand and diversify our portfolio of environmentally friendly power generation options,” Rice added. “It will also support our continuing commitment to provide customers with a wide range of clean energy solutions for the 21st century.”
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 and in Germany and Spain. The company’s fully integrated wind power capabilities include power plant design, engineering and site selection, and operations and maintenance services.
About GE Power Systems
GE Power Systems (www.gepower.com) is a supplier of power generation technology, energy services and management systems with 2001 revenues exceeding $20 billion. The business has the largest installed base of power generation equipment in the global energy industry. GE Power Systems provides equipment, services and management solutions across the power generation, oil and gas, distributed power and energy rental industries.