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ENRON FORMS ENRON RENEWABLE ENERGY CORP.; ACQUIRES ZOND CORPORATION, LEADING DEVELOPER OF WIND ENERGY POWER
FOR IMMEDIATE RELEASE: Monday, January 6, 1997
Houston -- Enron today announced the formation of a new business unit, Enron Renewable Energy Corp., with responsibility for developing renewable energy resources for Enron.
"Renewable energy will capture a significant share of the world energy market over the next 20 years, and Enron intends to be a world leader in this very important market,î said Kenneth L. Lay, chairman and chief executive officer, Enron.
Robert C. Kelly was named chairman and chief executive officer of Enron Renewable Energy Corp. and a member of Enronís Management Committee.
As a major step in implementing its renewable energy strategy, Enron also announced today that it has acquired Zond Corporation of California, a leading American wind energy power plant developer, operator and manufacturer. Zond will become a subsidiary of Enron Renewable Energy Corp.
Zond Corporation has more than 15 years of experience in developing, building and operating wind power stations. Its Z-class wind turbines are among the worldís most competitively priced wind turbines and are capable of producing electricity at competitive prices. Zond completed its first wind power facility in 1981 and since then has installed and operates over 2,400 wind turbines comprising 260 megawatts (MWs). Zond is actively developing projects and/or pursuing sales of its Z-series wind turbines in the U.S., Europe, Asia and Latin America. Zond generated approximately 600 million kilowatt hours of electricity in 1995, sufficient to supply the annual residential needs of over 300,000 people and offset over 600 million pounds of air pollutants that otherwise would have been produced by fossil-fired power plants. Zond is headquartered in Tehachapi, California.
"We believe wind energy is one of the most competitive renewable energy resources, and we believe this acquisition clearly positions Enron as a leader in this business," Lay said.
The acquisition, which was approved by Enron 's Board of Directors, closed on January 3, 1997. Kenneth C. Karas, chief executive officer of Zond, will add the title of chairman of Zond and serve as a vice chairman of Enron Renewable Energy Corp.
In addition to its purchase of Zond, Enron also is a partner with Amoco in Amoco/Enron Solar, the largest U.S.-owned producer of solar photovoltaic cells and the second largest worldwide. Amoco/Enron Solar, through its Solarex business unit, is currently completing construction of a tandem junction amorphous silicon manufacturing facility in James City County, Virginia, which will produce 10 MWs per year and provide a new generation of solar photovoltaic cells to the market. In addition, the company has solar electric power projects under development worldwide.
Enron, one of the world's largest integrated natural gas and electricity companies with approximately $15 billion in assets, operates the largest natural gas transmission system in the Western Hemisphere and the second largest system in the world; is the largest purchaser and marketer of natural gas and the largest non-regulated marketer of electricity in North America; produces and markets natural gas liquids worldwide; owns a majority interest in Enron Oil & Gas Company, one of the largest independent (non-integrated) exploration and production companies in the United States; owns a majority interest in Enron Global Power & Pipelines L.L.C., which is owner and manager of operating power plants and natural gas pipelines in emerging markets; and is one of the largest independent developers and producers of electricity in the world. Enron is traded under the ticker symbol, "ENE."
For additional information please contact:
Carol Hensley
(713) 853-6498
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