Suncor to sell wind and solar assets to Canadian Utilities for $536 mln (updated)

Canadian Utilities

05/10/2022 23:49

(Adds details on deal)
       Oct 5 (Reuters) - Suncor Energy Inc  SU.TO  said on
Wednesday it would sell its wind and solar assets in Canada to
Canadian Utilities Ltd  CU.TO  for C$730 million ($536.17
million).
    The divestment will help focus on energy expansion, hydrogen
and renewable fuels, Suncor said, as the company progresses to
net-zero by 2050.
    The sale is expected to close in the first quarter of 2023.
    The deal will likely add to earnings and cash flow in 2023,
Canadian Utilities, an ATCO company, said.
    The sale includes the new 202 megawatt (MW) Forty Mile wind
project in Alberta, scheduled to be operational by the end of
this year, and a majority interest in the Adelaide wind facility
in Ontario.
 (Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj
Kalluvila)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94
 ;))