• 4 minutes Permian in for Prosperous and Bright Future
  • 7 minutes Amount of Oil Usage in the United States
  • 10 minutes America Could Go Fully Electric Right Now
  • 4 hours Something wicked this way comes
  • 14 hours Tesla Battery Day (announcements on technology)
  • 4 hours Kalifornistan, CO2, clueless politicians, climate hustle
  • 7 mins JP Morgan Christyan Malek, report this Summer .. . We are at beginning of oil Super Cycle and will see $190 bbl Brent by 2025. LOL
  • 11 hours Natural Gas Saves Southern California From Blackouts
  • 8 hours Why NG falling n crude up?
  • 3 hours .
  • 2 hours Famine, Economic Collapse of China on the Horizon?
  • 2 days US after 4 more years of Trump?
  • 1 day Ten Years of Plunging Solar Prices
  • 2 days Top HHS official takes leave of absence after Facebook rant about CDC conspiracies
Offshore Oil Could Soon Be Powered By Wind

Offshore Oil Could Soon Be Powered By Wind

Norwegian oil major Equinor recently…

Warren Buffett’s Secret For Super Cheap Energy

Warren Buffett’s Secret For Super Cheap Energy

Warren Buffett’s wind turbines have…

Is Wind Energy The Most Stable Renewables Investment?

Is Wind Energy The Most Stable Renewables Investment?

Offshore wind power offers great…

Gloria Gonzalez

Gloria Gonzalez

Gloria is a writer for Environmental Finance.Environmental Finance is the leading global publication covering the ever-increasing impact of environmental issues on the lending, insurance, investment…

More Info

Premium Content

Exelon Blows Into Wind Market With $860m Acquisition

Utility Exelon plans to expand its renewable energy portfolio by purchasing wind developer John Deere Renewables for $860 million.

The Chicago-based utility said the transaction marks an expansion of its wind business, and will add 735MW of US clean energy capacity to its portfolio. As part of the acquisition, Exelon can also pursue a 1,468MW pipeline of wind projects that are in various stages of development, including 230MW in advanced development.

John Deere will become part of the Exelon Power division of Exelon Generation, which includes more than 1,000MW of owned and contracted renewable power such as hydroelectricity, wind, landfill gas and solar. About 75% of John Deere’s operating portfolio is sold under long-term power purchase arrangements.

"We expect to see increasing demand for clean, efficient wind power at a national level and in the 29 states that already have a renewable energy standard," said John Rowe, Exelon chairman and CEO. "This acquisition gives Exelon a strong position in the wind generation business that adds diversity to our generation fleet and provides more options for future growth."

The acquisition is valued at about $860 million, with a provision for up to $40 million more after certain advanced projects are completed, and will be financed using Exelon Generation debt. The transaction is expected to close in the fourth quarter.

Barclays Capital acted as financial advisor to Exelon. Foley & Lardner served as legal advisors and McDermott Will & Emery advised on tax matters.

Moline, Illinois-based parent company Deere & Company decided to sell the renewable unit to Exelon to focus on its core equipment business, said chairman and CEO Samuel Allen.

Gloria Gonzalez

Source: Environmental-Finance


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News