Deere exits wind energy
By Chris Sleight02 September 2010
Deere has signed a definitive agreement to sell its wind energy business, John Deere Renewables, to power generation company Exelon. The deal is worth US$ 900 million.
Under the terms of agreement, Exelon will acquire John Deere Renewables' 735 MW of installed, operating wind capacity, which is spread across 36 projects in eight US states. The company also has the opportunity to pursue 1468 MW of new wind projects that are in various stages of development, including the 230 megawatts in advanced stages of development.
Deere chairman & CEO Samuel R. Allen said, "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. We have chosen to place the wind portfolio with Exelon in part due to its demonstrated leadership in the energy industry."
The deal is subject to regulatory approvals but is expected to close this year.