Suncor has agreed to sell its wind and solar assets to Canadian Utilities for C$730 million (US$537 million).
They include the 30MW Magrath, 30MW Chin Chute and 40MW Adelaide wind farms, the 205MW Forty Mile project that is due to be operational by the end of 2022 and development stage assets.
The transaction is expected to close in the first quarter of 2023.
Canadian oil group Suncor explained that it is divesting its wind and solar assets to focus on areas of energy expansion, hydrogen and renewable fuels, which are “more complementary to its core business”.
Suncor aims to be net-zero by 2050, it stated.
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