Exelon to buy Deere’s wind energy portfolio

Moline, Ill.: Deere & Company is selling its wind energy business to Exelon Generation Company, LLC, a subsidiary of Exelon Corporation, for $9 million.

John Deere Renewables consists of 36 completed projects in eight states with a total operational capacity of 735 megawatts. The agreement also includes projects under development.

Samuel R. Allen, Deere & Company chairman and chief executive officer said that, “the company’s resources are best invested in growing our core equipment businesses around the world.”

The company expects to finalize the deal before 2011. The agreement, which is subject to regulatory approvals, would include earn-out provisions and result in a $25-million after-tax charge in the company’s fourth quarter results. That charge was not reflected in Deere’s $375-million fourth quarter earnings forecast on August 18, 2010.