Suncor Energy To Sell Wind And Solar Assets To Canadian Utilities For C$730 Mln

Canada's Suncor Energy Inc. (SU,SU.TO) announced Thursday that it has reached an agreement to sell its wind and solar assets to Canadian Utilities Limited, an ATCO company, for C$730 million.

The purchase price is subject to closing adjustments.

The sale includes interest in Magrath, Chin Chute and Adelaide wind farms, as well as Forty Mile wind farm which is expected to be operating by year end, and development stage renewable power assets.

The transaction is expected to close in the first quarter of 2023, subject to customary closing conditions, including applicable third-party regulatory reviews and approvals.

Suncor said it is divesting its wind and solar assets, as announced earlier, to focus on areas of energy expansion, hydrogen and renewable fuels. According to the firm, these fields are more complementary to its core business as the company progresses to net-zero by 2050.

Kris Smith, Suncor Interim President and Chief Executive Officer, said, "Divesting of these wind and solar assets further streamlines our portfolio so that we can concentrate our efforts on our core business. Our ESG efforts will continue to advance in other areas that are complementary to our core business such as replacing coke-fired boilers at Base Plant with lower emission cogeneration units, investing in hydrogen and low-carbon fuels and accelerating commercial scale deployment of carbon capture technology."

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