ACHRNEWS

Mar. 4, 2002: GE Power Systems Agrees To Acquire Enron's Wind Business

March 4, 2002
ATLANTA, GA — GE Power Systems announced that it has signed a definitive agreement to acquire certain assets of Enron Wind Corp., a wholly owned subsidiary of Enron Corp. and a global manufacturer of wind turbine generators.

The transaction, which is subject to regulatory and Bankruptcy Court approval, is expected to close in April.

Enron Wind is a wind power generation company with manufacturing operations in the U.S., Germany, and Spain. Headquartered in Tehachapi, CA, it has 1,600 employees worldwide. With integrated wind power capabilities, Enron Wind offers power plant design, engineering and site selection, operations, and maintenance services.

“The acquisition of Enron Wind represents GE Power Systems’ initial investment into renewable wind power, one of the fastest growing energy sectors,” stated John Rice, president and ceo of GE Power Systems. The wind energy industry is expected to grow at an annual rate of about 20%, with principal markets in Europe, the U.S., and Latin America.

“This acquisition will broaden the environmentally friendly power generation options available to our customers,” said Rice. “Customers looking for a renewable power alternative will now be able to acquire that solution from GE. Adding the global resources of Enron Wind clearly reaffirms our ongoing commitment to providing clean energy technology for the 21st century.”

Publication date: 03/04/2002