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Exelon completes John Deere acquisition

UNITED STATES: Utility Exelon Generation has completed its purchase of John Deere Renewables.

Exelon has bought the company for $860 million, with up to $40 million more when construction begins on 230MW of advanced development projects. 

The deal, first announced in August, gives Exelon its first 735 MW of wind, spread across 36 projects in eight states. About three-quarters is contracted under long-term power purchase agreements.

The utility also gains the rights to about 1400 MW of planned wind projects.

The purchase will provide incremental earnings starting in 2012 and cash flows starting in 2013, Exelon said.

John Deere Renewables will be renamed Exelon Wind, and becomes a part of the utility’s Exelon Power division.

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