John Deere Wind Energy, the renewable energy development arm of Deere & Co. (NYSE: DE), plans to develop three wind farms in Michigan, two of which will be the state's largest commercial-scale wind facilities.
When completed, the projects are expected to boost the Great Lakes State's wind power capacity by 61% to 374 megawatts, enough to provide electricity to more than 84,000 households.
The news comes at a time when investment bank Goldman Sachs is helping the parent company explore the possibility of selling its Johnston, Iowa-based subsidiary, which currently owns two large wind farms in Michigan. The company, including its operating farms and wind projects under development, is estimated to be worth around US$1.5 billion, industry analysts estimate.
The new wind projects and a landfill gas-electric generation plant that is being developed by Waste Management's renewable energy group will result in Consumers Energy, Michigan's second-biggest electric and natural gas utility, obtaining a little more than 6% of its total power from alternative-energy sources by 2012 (state law requires that number reach 10% by 2015). It's larger competitor, MichCon, is also working to meet renewable energy targets.
Deer said it plans to ramp wind energy investments this year to somewhere around $200 million in 2010, up from a meager $1 million last year.
Michigan, a state with several areas ideally suited for the development of wind power, has been slow to capitalize on that potential and realize its goal of becoming a center of green energy.
Shannon Roxborough is a career freelance writer, editor and international consultant who has authored hundreds of articles for a variety of media. He's covered business, companies and investments spanning all sectors, including green energy and cleantech.
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