• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 21 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 hour Reality catching up with EV forecasts
  • 10 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 hours Famous author Michael Crichton talks about the "Climate Change Religion" aka Feudalism 2.0
  • 5 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 10 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
Will Scotland's Pivot To Wind Power Pay Off?

Will Scotland's Pivot To Wind Power Pay Off?

Scotland is looking to ramp…

New Wind Harvester Can Generate Power From A Gentle Breeze

New Wind Harvester Can Generate Power From A Gentle Breeze

Scientists at Nanyang Technological University…

2022 Will Be A Critical Year For Wind Power

2022 Will Be A Critical Year For Wind Power

Wind power was once the…

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.

ADVERTISEMENT

"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.

ADVERTISEMENT

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


ADVERTISEMENT


ADVERTISEMENT



Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News