John Deere & Co. said Tuesday that it will sell its wind energy business to an Exelon unit.
The company said that it is selling its wind-energy business, known as John Deere Renewables, for $900 million, including earn-out provisions. The unit focused on building wind projects in rural areas and offering a complete installation portfolio.
John Deere Renewables didn’t manufacture or service wind turbines, but used its heft to create supply relationships. The company worked as an investor in wind projects in most cases.
John Deere Renewables has 36 completed wind projects under its belt in eight states. Total operational capacity for those projects is about 735 megawatts.
The deal is expected to close in 2010.
