Exelon To Acquire Deere's Wind Energy Unit for $900M

Exelon Corp. (NYSE: EXC) agreed to acquire Deere & Co.'s (NYSE: DE) wind energy unit for about $900 million Tuesday, giving the nation's largest nuclear generator an entrance into the wind generation business.

The deal ends a foray by the world's largest manufacturer of farm machinery into wind farms as Deere sells a unit with limited connection to its core business.

Exelon will acquire 36 wind farms through the deal, mostly in the Midwest and Texas that are able to produce 735 megawatts, enough to power 160,000 to 220,000 homes, plus a pipeline of projects in development.

The acquisition is worth $860 million with provisions for Deere to receive an additional $40 million once construction begins on planned projects.

Exelon plans to fund the acquisition with debt.

Read the full article at the Wall Street Journal Online.