This holiday season, all of our Supporters are entered to win an $800 Shopping Spree Giveaway!

CALGARY — Suncor Energy Inc. says it is selling its wind and solar assets to Canadian Utilities Limited for $730 million.

The move follows Suncor’s announcement last April that was divesting its wind and solar assets to focus on areas of energy expansion, including hydrogen and renewable fuels.

The Calgary-based oilsands giant says in a release Wednesday that it wants to concentrate on its core business as it progresses to net-zero by 2050.

Kris Smith, Suncor’s interim president and CEO, says its efforts will include replacing coke-fired boilers at its base plant with lower emission cogeneration units.

He says Suncor will also be investing in hydrogen and low-carbon fuels and accelerating commercial-scale deployment of carbon capture technology.

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

The company says the transaction is expected to close in the first quarter of 2023.

This report by The Canadian Press was first published Oct. 5, 2022

Companies in this story: (TSX:SU)

The Canadian Press

Report an error

Read our guiding principles

Thanks for reading!

This holiday season, we want to give back to the people who have supported us this year!

We have partnered with local businesses to create an $800 Shopping Spree Giveaway! One of our Supporters will win the giveaway on December 2 and anyone who becomes one by December 1 will be entered to win as well.

More stories you might like

Avatar photo

The Canadian Press

The Canadian Press is Canada's trusted news source and leader in providing real-time, bilingual multimedia stories across print, broadcast and digital platforms. Energeticcity.ca subscribes to Canadian Press articles about British Columbia news and Energy news.