Suncor Energy Inc. providing wind, solar assets to Canadian Utilities Limited


CALGARY — Suncor Electrical power Inc. states it is providing its wind and solar belongings to Canadian Utilities Confined for $730 million.

The move follows Suncor&#8217s announcement previous April that was divesting its wind and photo voltaic assets to target on spots of vitality expansion, which include hydrogen and renewable fuels.

The Calgary-primarily based oilsands big claims in a launch Wednesday that it wants to focus on its main business enterprise as it progresses to web-zero by 2050.

Kris Smith, Suncor&#8217s interim president and CEO, states its initiatives will contain replacing coke-fired boilers at its base plant with lessen emission cogeneration units.

He claims Suncor will also be investing in hydrogen and minimal-carbon fuels and accelerating commercial-scale deployment of carbon seize technology.

Suncor states the sale includes its desire in Magrath, Chin Chute and Adelaide wind farms, as very well as Forty Mile wind farm.

The corporation claims the transaction is envisioned to shut in the to start with quarter of 2023.

This report by The Canadian Push was initially printed Oct. 5, 2022

Organizations in this tale: (TSX:SU)

The Canadian Press

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