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Altamont deal closes for Kenetech wind plant
1 March 1998
American company ESI Energy Inc, Danish wind turbine maker NEG Micon A/S and Nichimen Corp of Japan have completed their purchase of bankrupt Kenetech's 164 MW Altamont Pass wind power facility (Windpower Monthly, January 1998). The joint venture group, which is calling itself Green Ridge Power LLC, also hopes to pursue future wind projects, it announced on February 5. The $36 million Altamont Pass purchase was formally approved in December by the US Bankruptcy Court in Oakland, California. Under the deal, the sale was to have been closed by January 31. Green Ridge Power consists of ESI -- now known as FPL Energy Inc -- and M&N Wind Power Inc, which is made up of NEG Micon and Nichimen. In mid-January FPL Group Inc, which owns the utility Florida Power & Light, announced a corporate reorganisation. Its new subsidiary, FPL Energy Inc, will include ESI Energy. Green Ridge Power is expected to repower the Altamont project with about 100, 750 kW NEG Micon turbines. It also appears the group may at some point include other parties, since it is being described as "led by" a subsidiary of FPL Energy Inc and M&N.
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