The $860m acquisition, with an additional $40m for constructing advanced development projects, includes 36-wind projects in eight states that will be called Exelon Wind, with approximately 75% of the Exelon Wind operating portfolio sold under long-term power purchase arrangements
The acquisition will help Exelon to reach halfway of its goal to eliminate the equivalent of its 2001 carbon footprint by 2020 in line with its business strategy along with providing incremental revenues from 2012 and cash flows from 2013.
The deal will also provide Exelon with an opportunity to pursue approximately 1,400MW of new wind projects currently at various stages of development, including 230MW in advanced stages of development.
Exelon chairman and CEO John Rowe said that the purchase of John Deere Renewables – now Exelon Wind – is an economically sound transaction that adds value for shareholders while advancing Exelon’s clean energy leadership as part of Exelon 2020.
"The addition of these wind assets increases our zero-emission generation capacity to nearly 19,000MW, helping us achieve our goal of a clean, low-carbon energy supply at the lowest cost to the communities and customers we serve," Rowe said.
