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Exelon completes purchase of John Deere wind unit
Credit: By Emily Bryson York, Chicago Breaking Business, chicagobreakingbusiness.com 10 December 2010 ~~
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Translate: FROM English | TO English
Exelon Corp. has completed its acquisition of John Deere Renewables, a wind power company. In so doing, Exelon adds 735 megawatts of clean, renewable energy to the utility’s portfolio, or enough to power up to 220,000 households.
Exelon is one of the nation’s largest utilities, with 5.4 million customers, and $17 billion in annual revenues.
The new division, to be called Exelon Wind, consists of 36 wind projects in eight states. This is the Chicago-based utility’s first ownership of a wind project. The operation is located in West Des Moines, Iowa.
In a statement Exelon chairman and CEO John W. Rowe described the purchase as “an economically sound transaction that adds value for shareholders,” while advancing the company’s goal of eliminating its 2001 carbon footprint by 2020.
According to the company, about 75 percent of Exelon Wind’s energy is already sold under long-term power purchase agreements. However, Exelon plans to pursue another 1,400 megawatts in new wind projects.
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