Exelon Corp. has completed its previously announced acquisition of John Deere Renewables, an operator and developer of wind power, adding 735 operating megawatts of clean, renewable energy to Exelon’s generation portfolio — enough to power 160,000 to 220,000 households. Deere said it sold the wind energy business as part of the company's increased focus on investing the company's resources to grow the core equipment businesses around the world.

The acquisition of John Deere Renewables marks Exelon’s entry into owning and operating wind projects. The 36 wind projects in eight states will be called Exelon Wind, a division of Exelon Power.  Exelon Power is a unit of Exelon Generation.

“The purchase of John Deere Renewables – now Exelon Wind – is an economically sound transaction that adds value for shareholders while advancing our clean energy leadership as part of Exelon 2020,” says John W. Rowe, Exelon chairman and CEO. “The addition of these wind assets increases our zero-emission generation capacity to nearly 19,000 megawatts, helping us achieve our goal of a clean, low-carbon energy supply at the lowest cost to the communities and customers we serve.”

Approximately 75% of the Exelon Wind operating portfolio is already sold under long-term power purchase arrangements. In addition, Exelon has the opportunity to pursue approximately 1,400 megawatts of new wind projects that are in various stages of development, including 230 megawatts in advanced stages of development.

The purchase price is $860 million with a provision for up to an additional $40 million upon commencement of construction on the advanced development projects. 

The operational and development employees of John Deere Renewables are now employees of Exelon Wind, and their offices are in West Des Moines, Iowa.