Suncor sells wind and solar assets to Canadian Utilities Limited for $730 million

Calgary-based Suncor says it has agreed to sell its wind and solar assets to Canadian Utilities Limited for $730 million.

Suncor said the divestment would help focus efforts on areas of energy expansion, like hydrogen and renewable fuels, as the company strives to be net-zero by 2050.

"Divesting of these wind and solar assets further streamlines our portfolio so that we can concentrate our efforts on our core business," said Kris Smith, Suncor's interim president and CEO, in a statement.

Suncor said the sale includes interest in Alberta wind farms in Magrath, Chin Chute and Forty Mile (which is expected to be operating by the end of the year). It also includes interest in the Adelaide wind farm in Ontario.

Canadian Utilities Limited, an ATCO company, has global electricity and pipelines operations as well as a retail energy business.

The transaction is expected to close in the first quarter of 2023, pending regulatory reviews and approvals.