Suncor continues refocusing on its oil business by selling renewable assets to ATCO, including those in Forty Mile County.--SUPPLIED IMAGE
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Suncor will sell its renewable power assets and development plans – including major projects near Bow Island – to ATCO, the oilsands giant announced on Wednesday.
The sale, including the Forty Mile Wind farm and proposed Forty Mile Solar field among other properties, is valued at $720 million when it is expected to close in early 2023.
Suncor announced last spring it would streamline its operations by divesting the green power production unit and instead concentrating on gaining efficiency in its core oil business as well as develop hydrogen and alternative fuel production.
The company has a stated goal of producing net-zero emissions by 2050.
The sale also includes the Magrath, Chin Chute and Adelaide (Ont.) wind farms. Forty Mile Wind is expected to begin commercial operations later this year.
The development portfolio includes the Forty Mile Solar facility, proposed to be build onsite at the initial phase of the Forty Mile Wind farm, about 60 kilometres southwest of Medicine Hat.
The purchaser is Canadian Utilities, Ltd, a division of ATCO.
