Exelon has completed the acquisition of John Deere Renewables, a wind power operator and developer for $860m.
The purchase will add 735MW of renewable energy to Exelon’s generation portfolio, which will power 160,000 to 220,000 households.
With the acquisition, Exelon makes its entry into owning and operating wind projects.
John Deere Renewables’ 36 wind projects in eight states will now be called Exelon Wind and form a division of Exelon Power, which in turn, is a unit of Exelon Generation.
Exelon chairman and CEO John Rowe said that the purchase is an economically sound transaction that adds value for shareholders while advancing their clean energy leadership as part of Exelon 2020.
“The addition of these wind assets increases our zero-emission generation capacity to about 19,000MW, helping us achieve our goal of a clean, low-carbon energy supply at the lowest cost to the communities and customers we serve,” Rowe said.