Enron to sell wind assets to General Electric

Enron has announced that it has reached an agreement to sell the wind turbine manufacturing assets of Enron Wind Corp, its wind power subsidiary, to General Electric.

Enron has announced that it has reached an agreement to sell the wind turbine manufacturing assets of Enron Wind Corp, its wind power subsidiary, to the Power Systems business of General Electric (GE).

According to Enron, Enron Wind possesses leading technology and a strong position in the three countries with the largest demand for wind power: the US, Germany and Spain. Enron Wind operates manufacturing facilities in these three countries and in the Netherlands and maintains eleven sales offices in countries around the world.

The purchase includes the company’s global wind turbine manufacturing and marketing operations, but does not affect Enron owned or operated wind farms. GE will continue to provide operational support for most of these facilities.

The wind energy industry is expected to grow at an annual rate of about 20 percent, with principal markets in Europe, the US and Latin America.

In connection with the sale, Enron Wind will concurrently file a voluntary petition for Chapter 11 reorganisation in the US Bankruptcy Court for the Southern District of New York. The transaction is expected to close in April 2002.