Deere sells John Deere Renewables
September 1, 2010
By John Deere
Sept. 1, 2010, Moline, IL – Deere & Company has signed an agreement to sell John Deere Renewables, its wind energy business, to Exelon Generation Company.
Sept. 1, 2010, Moline, IL – Deere & Company has signed a definitive
agreement to sell John Deere Renewables LLC, its wind energy business, to
Exelon Generation Company LLC, a wholly owned subsidiary of Exelon Corporation.
"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," says Samuel Allen, Deere & Company chair and CEO.
John Deere Renewables includes 36 completed projects in eight states with an operational
capacity of 735 MW. The definitive agreement includes the completed projects
plus numerous others in development. Subject to regulatory approvals, Deere
anticipates the transaction to close within the 2010 calendar year.
"John Deere's initiative with Adage in biomass energy is not part of John Deere Renewables and therefore is not affected by the announcement that Deere has reached an agreement to sell its John Deere Renewables business unit," says Ken Golden, director of strategic public relations for Deere & Company.
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