Suncor sells wind, solar energy portfolio to ATCO in C$730M deal

Posted on October 5, 2022Comments Off on Suncor sells wind, solar energy portfolio to ATCO in C$730M deal

Aerial view of wind and photovoltaic power generation scenes

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Suncor Energy (NYSE:SU) said Wednesday it agreed to sell its wind and solar assets to Canadian Utilities Ltd. (OTCPK:CDUAF), an ATCO company, for C$730M (US$536M), as it seeks to focus on areas of energy expansion, hydrogen and renewable fuels that are more complementary to its core business.

The deal includes a diversified operating portfolio of wind assets including the new 202 MW Forty Mile wind project in Alberta, which is expected to be operational by the end of this year, as well as interests in the Magrath, Chin Chute and Adelaide wind farms in Ontario.

ATCO said the deal puts it on a firm trajectory to become a major renewable player and achieve its goal of owning, developing or managing more than 1,000 MW of renewable energy by 2030.

Separately, Suncor (SU) said late Tuesday it more than doubled the size of its tender offer for eight series of notes maturing during 2026-42 to C$3.6B from C$1.75B previously.

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Comments Off on Suncor sells wind, solar energy portfolio to ATCO in C$730M deal