12 April 2002 – The New York judge presiding over the bankruptcy of Enron has agreed that Enron Wind can be sold to General Electric Co. (GE). Judge Arthur Gonzales approved the sale after GE won the bidding in a court-sponsored auction on April 2.
The wind turbine building assets of Enron Wind Co will transfer to a GE subsidiary in a deal costing GE $325m in cash plus about $17m in other considerations, Enron spokesman John Ambler said.
It is GE’s first investment in the growing wind market and the group sees Europe, the US and Latin America as its main markets.
The transaction, which still requires regulatory approval, does not include Enron’s wind farm assets. Enron Wind has manufacturing plants in the US, Germany, Spain and the Netherlands and also has 11 sales offices in various countries around the world.
Enron wind is the seventh largest wind turbine manufacturer in the world in a market dominated by European’s. The unit’s revenues have grown from about $50m when it was acquired by Enron in 1997 to some $750m in 2001.