Deere sells its wind energy arm for $900m

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As part of an effort to redouble scrutiny on farm-equipment business, John Deere & Company ( DE ) finalized sale of its wind-energy business to a company under the Exelon ( EXC ) umbrella, the Associated Press reports .

Completed on Friday, the $900 million sale of John Deere Renewables wraps up a deal that first emerged in August. The new company will be named Exelon Wind and it will be operated by Exelon Generation.

Because Deere was known to be shopping its wind-energy business, observers and analysts advised potential buyers of the likelihood of getting a good deal. At one time, Deere believed the wind energy industry was germane to farm-equipment business interests due to turbines typically situated in rural regions.

The company devoted five years and $1 billion cultivating the business and supplying it with equipment from Suzlon Energy (SUZLON), an Indian company.

Considered a major player in the nuclear power industry, Chicago, Illinois-based Exelon has been exploring wind energy potential in various U.S. states. Electricity customers in Illinois and Pennsylvania total about 5.4 million and 500,000 customers in Philadelphia purchase its natural gas.



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This article appears in: Personal Finance , Business

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