Suncor Energy is a Canadian integrated energy company based in Calgary, Alberta.
Alberta — Suncor is selling $730 million of wind and solar assets to Canadian Utilities.
The deal means Suncor is basically out of wind and solar, leaving it with just one decommissioned facility in Saskatchewan.
“Divesting of those wind and solar assets further streamlines our portfolio in order that we are able to concentrate our efforts on our core business,” said Kris Smith, Suncor Interim President and Chief Executive Officer. “Our ESG efforts will proceed to advance in other areas which might be complementary to our core business corresponding to replacing coke-fired boilers at Base Plant with lower emission cogeneration units, investing in hydrogen and low-carbon fuels and accelerating commercial-scale deployment of carbon capture technology.”
The assets changing hands are in Ontario and Alberta, with 252 megawatts of operating capability, plus greater than 1,500 from projects in development.
The sale is the most recent in a series of steps by Suncor to streamline and concentrate on core operations, something activist investor Elliott Investment Management has been pushing for.
The transaction is predicted to shut in the primary quarter of 2023 and is subject to customary closing conditions, including applicable third-party regulatory reviews and approvals.
The acquisition price is subject to closing adjustments typical of transactions of this nature.
