Deere & Company has announced that it has signed a definitive agreement to sell John Deere Renewables, LLC, its wind energy business, to Exelon Generation Company, LLC, a wholly owned subsidiary of Exelon Corporation.
Deere said the US$ 900 million sale, including earn-out provisions, will result in an after-tax charge of approximately US$ 25 million in its fourth quarter results. The charge was not reflected in Deere’s fourth quarter earnings forecast of approximately US$ 375 million that was announced on 18 August. John Deere Renewables includes 36 completed projects in eight US states with an operational capacity of 735MW. The definitive agreement includes the completed projects plus numerous others in development. Subject to regulatory approvals, Deere anticipates the transaction to close within the 2010 calendar year.
Deere said the US$ 900 million sale, including earn-out provisions, will result in an after-tax charge of approximately US$ 25 million in its fourth quarter results. The charge was not reflected in Deere’s fourth quarter earnings forecast of approximately US$ 375 million that was announced on 18 August. John Deere Renewables includes 36 completed projects in eight US states with an operational capacity of 735MW. The definitive agreement includes the completed projects plus numerous others in development. Subject to regulatory approvals, Deere anticipates the transaction to close within the 2010 calendar year.
