Foley & Lardner LLP represented Exelon Generation Company in its agreement to acquire John Deere Renewables LLC, the wind energy development and wind energy operating subsidiary of Deere & Company.
Attorneys from Foley’s nationally recognized Energy Industry team worked closely with Exelon vice president and deputy general counsel Carter Culver and others in the Exelon legal department on this transaction, which is valued at approximately $860 million with a provision for up to an additional $40 million upon commencement of construction on the advanced development projects. Under the terms of the agreement, Exelon will acquire John Deere Renewables’ 735 megawatts of installed, operating wind capacity spread across 36 projects in eight states and 1,468 megawatts of new wind projects that are in various stages of development, including the 230 megawatts in advanced stages of development.
“Our firm has been working in wind power for a dozen years and is widely recognized as having one of the leading wind and solar energy legal practices in the U.S.,” said James T. Tynion III, partner and chair of Foley’s Energy Industry Team. “The services we provide to our land-based and offshore wind clients are comprehensive, and we are pleased to have had the opportunity to utilize our vast experience in this sector to assist Exelon in this transaction.”
The Foley team was led by Partners James T. Tynion III and Jason W. Allen, with support from energy regulatory Partner Thomas McCann Mullooly and a real estate team led by Partner Larry J. Bonney. Senior Counsel Elizabeth P. Hanigan coordinated extensive due diligence on the 36 operating wind farms and the development pipeline. The Foley team also received assistance from many associates across multiple offices and practice groups, notably David W. Clark, a member of the firm’s Energy Industry Team and Transactional & Securities Practice.