Suncor Selling Wind, Solar Assets to Focus on Oilsands, CCS and Hydrogen

Suncor Energy Inc. plans to sell its wind and solar portfolio for C$730 million ($547 million) to a subsidiary of Calgary-based Atco Industries Inc.

Suncor CEO Kris Smith said the transaction with Canadian Utilities Ltd. (CUL) “streamlines our portfolio” to focus on oilsands, refining, hydrogen, renewable fuel, and carbon capture and storage (CCS).

CUL Vice President Bob Myles said the deal, set to close in 2023, was an  instant gain for a renewable power arm. Atco is aiming to reach 1,000 MW of renewable generation by 2030. 

Suncor’s wind and solar assets include 111 MW generated by 75 wind turbines in Alberta, Ontario and Saskatchewan. Another 45 turbines, capable of 200 MW, are under construction in southeastern Alberta. A 220 MW Alberta solar power project is on the...