The company will acquire John Deere Renewables’ 735MW of installed and operating wind capacity spread across 36 projects in eight states of US.
As part of the acquisition, Exelon has also the opportunity to pursue 1,468MW of new wind projects that are in various stages of development, including the 230MW in advanced stages of development.
The acquisition is valued at approximately $860m with a provision for Deere to receive an additional $40m upon commencement of construction on the advanced development projects, and the transaction is expected to be closed in the fourth quarter of 2010.
Exelon chairman and CEO John Rowe said that this acquisition gives Exelon a strong position in the wind generation business that adds diversity to its generation fleet and provides more options for future growth.
