11 April, 2002 – Spain’s Iberdrola power group has bought the Spanish assets of bankrupt energy group Enron despite the last minute suit filed by Electrabel against the purchase.

Iberdrola will pay €375.4m ($330m) to take over Enron’s Cadiz CCGT project.

Belgian utility, Electrabel, had filed a suit against the purchase by Iberdrola. The suit presented to the New York bankruptcy court handling the Enron case, claimed that the tendering of Enron’s Cadiz assets was irregular and that other bidders including Electrabel and Electricidade de Portugal had placed higher bids.