Skip to content
Join our Newsletter
Join our Newsletter

Suncor Energy Inc. selling wind, solar assets to Canadian Utilities Limited

CALGARY — Suncor Energy Inc. says it is selling its wind and solar assets to Canadian Utilities Limited for $730 million.
20221005211024-633e2e51a7b795c67fb24a3ejpeg
The Suncor Energy Centre picture in downtown Calgary, Alta., Friday, Sept. 16, 2022. Suncor Energy Inc. says it is selling its wind and solar assets for $730 million to Canadian Utilities Limited, an ATCO company. THE CANADIAN PRESS/Jeff McIntosh

CALGARY — Suncor Energy Inc. says it is selling its wind and solar assets to Canadian Utilities Limited for $730 million.

The move follows Suncor's announcement last April that was divesting its wind and solar assets to focus on areas of energy expansion, including hydrogen and renewable fuels.

The Calgary-based oilsands giant says in a release Wednesday that it wants to concentrate on its core business as it progresses to net-zero by 2050.

Kris Smith, Suncor's interim president and CEO, says its efforts will include replacing coke-fired boilers at its base plant with lower emission cogeneration units.

He says Suncor will also be investing in hydrogen and low-carbon fuels and accelerating commercial-scale deployment of carbon capture technology.

Suncor says the sale includes its interest in Magrath, Chin Chute and Adelaide wind farms, as well as Forty Mile wind farm.

The company says the transaction is expected to close in the first quarter of 2023.

This report by The Canadian Press was first published Oct. 5, 2022

Companies in this story: (TSX:SU)

The Canadian Press

push icon
Be the first to read breaking stories. Enable push notifications on your device. Disable anytime.
No thanks