John Deere sells wind-energy unit
- Agricultural equipment builder Deere & Co. completed the sale of wind-energy subsidiary, John Deere Renewables LLC, to Exelon Generation Co. LLC. The value of the sale was earlier reported to be $900 million.
Deere indicated plans to sell the business earlier this year, and it named Exelon as the buyer in August. "As Deere sharpens its own strategic focus, we have concluded that the company's resources are best invested in growing our core equipment businesses around the world," Deere & Co. chairman and CEO Samuel R. Allen previously stated.
John Deere Renewables includes 36 wind-energy operations in eight states with operational capacity of 735 megawatts. A number of other wind-energy projects are in development.
Exelon is an electricity generating and distributing company, with holdings in nuclear, hydro, and fossil-fuel generation, as well as leases on renewable-energy projects like wind, solar-power, and landfill gas generating projects. It is the largest wholesale marketer of wind energy east of the Mississippi River, with 352 megawatts of wind power capacity from five wind projects.
"We expect to see increasing demand for clean, efficient wind power at a national level and in the 29 states that already have a renewable energy standard," Chairman and CEO John Rowe said earlier this year. "This acquisition gives Exelon a strong position in the wind-generation business that adds diversity to our generation fleet and provides more options for future growth."
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