Suncor Energy sells $730 million of wind and solar assets to Canadian Utilities Limited to focus on other areas. The group intends to develop in hydrogen and renewable fuels.
A $730 million Canadian sale
Suncor Energy announces agreement to sell to Canadian Utilities Limited, an ATCO for $730 million Canadian. The sale includes interests in the Magrath, Chin Chute, Adelaide and Forty Mile Wind farms. For the latter, operations are scheduled to begin by the end of the year.
The transaction is expected to close in the first quarter of 2023 under customary closing conditions. This allows Suncor Energy to realize savings in order to focus on certain areas. Energy expansion, hydrogen and renewable fuels in particular.
A goal for 2050
These areas are more complementary to Suncor Energy’s core business. This allows the company to move towards carbon neutrality by 2050. Kris Smith, Suncor Energy’s interim president and CEO, says:
“Divesting these wind and solar assets further streamlines our portfolio so that we can focus our efforts in our core business.”
Suncor plans to continue its efforts in other areas as well. Kris Smith, wants to replace the coke boilers at the base plant with low-emission cogeneration units. He also talks about investing in hydrogen and low-carbon fuels.
Towards carbon neutrality
Suncor Energy is Canada’s largest integrated energy company. Suncor’s operations include oil sands and offshore oil and gas. It deals with oil refining in Canada and the United States.
The company also handles Petro-Canada’s distribution, retail and wholesale networks. Suncor develops petroleum resources while embodying the transition to a low-emissions future. The company is making investments in energy, renewable fuels and hydrogen.
