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Exelon purchases wind power assets from John Deere

The acquisition of John Deere Renewables will cost Exelon roughly $900 million.
John Hawkins 
Published: Aug 31, 2010
Exelon Corporation today announced an agreement to acquire John Deere Renewables, a leading operator and developer of wind power, in a transaction that will add 735 operating megawatts of clean, renewable energy to Exelon’s generation portfolio, as well as an additional 230 megawatts in advanced stages of development.

Under the terms of agreement, Exelon will acquire John Deere Renewables’ 735 megawatts of installed, operating wind capacity—enough to power 160,000 to 220,000 households—spread across 36 projects in eight states. Approximately 75 percent of the operating portfolio is already sold under long-term power purchase arrangements. As part of the acquisition, Exelon also has the opportunity to pursue 1,468 megawatts of new wind projects that are in various stages of development, including the 230 megawatts in advanced stages of development.

“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,” Rowe said. “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.” 

Before today's acquisition, Exelon was already the largest wholesale marketer of wind energy east of the Mississippi, with 352 megawatts of wind power capacity from five wind projects in Illinois, Pennsylvania and West Virginia. Exelon Power also owns and operates a 10-megawatt solar plant in Chicago, the largest urban solar plant in the country.

Exelon expects to close the transaction with John Deere Renewables in the fourth quarter of 2010.


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