Enron Subsidiary Sells Wind-Power Project
Associated Press
American Electric Power acquired a 160-megawatt wind-power project in West Texas from a subsidiary of bankrupt Enron Corp. for $175 million.
Under terms of the deal, Enron Wind Corp. will operate and maintain the project, about 45 miles east of Fort Stockton.
Enron filed for Chapter 11 bankruptcy protection a month ago. Stephen Williams, an AEP spokesman, said the companies were not required to seek the bankruptcy court’s approval for the sale, but successfully did so anyway.
Shares in Columbus, Ohio-based AEP rose 25 cents to $43.53 and Enron shares were unchanged at 60 cents, both on the New York Stock Exchange.
