GE Energy Completes Its Acquisition of AstroPower

April 7, 2004

GE Energy, a subsidiary of the General Electric Company, completed its acquisition of "substantially all" of the U.S. assets of AstroPower, Inc. on March 31st. GE Energy says its new solar energy business will remain headquartered in Delaware. With the new acquisition, GE Energy has added solar power to its renewable energy portfolio, which also includes wind energy and hydropower. And the company is not wasting time: It has already set up a Web page for its new solar energy business. See the GE Energy press release and Solar Power Web page.

GE Energy has recently chalked up a number of successes in its other renewable energy businesses. In late March, the company announced that its wind energy business produced more than $1.3 billion in revenues in 2003, a 150 percent increase above 2002 revenues. The company installed 873 megawatts of wind power in the United States and 630 megawatts of wind power in Europe and Asia in 2003. GE Energy recently announced agreements to install wind turbines for a 39-megawatt project in Taiwan, a 45-megawatt project in France, and a 30-megawatt project in Canada. The company is also supplying turbine-generators for a new 180-megawatt hydroelectric project in China, and a pair of gas turbines for a cogeneration project in Ireland. See the GE Power press releases.