Deere & Company (Moline, IL) reported that it has made equity investments in several wind energy projects in the rural US, and has created a business unit to provide project development, debt financing, and other services to those interested in harvesting the wind. Deere said it has no plans to manufacture wind turbines. Deere's new wind energy business unit will be managed by John Deere Credit.
"John Deere is especially well positioned to support our farm customers in this growing industry," said Deere & Company Chairman and Chief Executive Officer Robert Lane. "For generations, the world's most productive farmers have used John Deere equipment to provide food to the world and now, through wind energy, the same farmers can help meet the growing demand for electricity."
Deere has invested in wind energy projects located in Minnesota and Texas, is considering projects in other states of the US, and has reviewed projects in other countries. The wind energy initiative is consistent with John Deere's goal of helping its customers improve their profitability and productivity.
