Deere Sells wind-energy business

Moline, Ill.-based Deere & Co. announced it has completed the sale of its wind energy business, John Deere Renewables, to Chicago-based Exelon Generation Company, a wholly owned subsidiary of Exelon Corporation.

The sale was completed Dec. 10 and consisted of 36 wind projects in eight states- generating 735 operating megawatts of clean, renewable energy- enough to power 160,000 to 220,000 households.
 
Exelon purchased the business for $860 million with a provision for up to an additional $40 million upon commencement of construction on the advanced development projects.

Deere said it sold its wind energy business in order to focus on growing the core equipment businesses around the world.

Deere Renewables will be renamed Exelon Wind, with the Deere employees being retained under Exelon.

“We welcome the employees of John Deere Renewables to the Exelon family,” said John Rowe, Exelon chairman and CEO. “The successful wind generation company they’ve built provides Exelon with a strong entry point into the wind business, adds diversity to our generation fleet, and offers more options for future growth.”