Calgary-based Suncor says it has agreed to promote its wind and photo voltaic property to Canadian Utilities Restricted for $730 million.
Suncor mentioned the divestment would assist focus efforts on areas of vitality growth, like hydrogen and renewable fuels, as the corporate strives to be net-zero by 2050.
“Divesting of those wind and photo voltaic property additional streamlines our portfolio in order that we will focus our efforts on our core enterprise,” mentioned Kris Smith, Suncor’s interim president and CEO, in an announcement.
Suncor mentioned the sale contains curiosity in Alberta wind farms in Magrath, Chin Chute and Forty Mile (which is predicted to be working by the tip of the yr). It additionally contains curiosity in the Adelaide wind farm in Ontario.
Canadian Utilities Restricted, an ATCO firm, has international electrical energy and pipelines operations in addition to a retail vitality enterprise.
The transaction is predicted to shut within the first quarter of 2023, pending regulatory opinions and approvals.