NorthAmOil: Suncor to offload wind, solar assets in shift in energy transition focus

Leading oil sands producer Suncor Energy said on October 5 that it had agreed to sell its wind and solar assets to ATCO-owned Canadian Utilities for CAD730mn ($527mn).
In a statement, the company said it would shift its focus to areas that were more complementary to its core business, such as hydrogen and renewable fuels, in line with previous announcements. This comes as the oil sands producer works towards a goal of net-zero greenhouse gas (GHG) emissions by 2050.
“Divesting of these wind and solar assets further streamlines our portfolio so that we can concentrate our efforts on our core business,” stated Suncor’s interim president and CEO, Kris Smith. “Our ESG efforts will continue to advance in other areas that are complementary to our core business such as replacing coke-fired boilers at Base Plant with lower-emission cogeneration units, investing in hydrogen and low-carbon fuels and accelerating commercial scale deployment of carbon capture technology.”
The sale, which includes interests in the Magrath, Chin Chute and Adelaide wind farms, the Forty Mile wind farm and other renewable assets that are still at the development stage, is due to close in the first quarter of 2023.