Exelon to Buy Deere's Wind Power Unit for $860 Million (EXC, DE)

Electric utility company Exelon Corp. EXC said Tuesday that it would buy Deere & Company's DE wind power business for $860 million. "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," Exelon Chief Executive John Rowe said in a statement. According to a Reuters report, "Exelon, the largest U.S. nuclear power operator, said the acquisition of John Deere Renewables will add 735 operating megawatts (MW) of clean energy to its portfolio, which currently includes about 1,000 MW of renewable power." Deere has 36 projects in eight different states, which produce enough capacity to power 160,000 to 220,000 households. The Reuters report notes that "Exelon, which currently owns 31,000 megawatts of power generation, including 17 nuclear reactors, said the Deere wind purchase would contribute to earnings in 2012 and to cash flow in 2013." Shares of Exelon are down 0.35% this afternoon, to $40.38. Deere & Co. stock is up 0.9%, to $63.54.