The global energy company Canadian Utilities Limited is expanding its renewables portfolio. The utility announced it has entered into a definitive agreement with Suncor Energy Inc., to acquire a portfolio of wind and solar assets in Alberta and Ontario for C$730 million ($547 million).
According to Suncor Energy CEO Kris Smith, the deal with Canadian Utilities Ltd. will allow the company to focus on and develop oilsands, refining, hydrogen, renewable fuel, and carbon capture and storage (CCS) projects.
The acquisition is expected to close in the first quarter of 2023 and is subject to regulatory approvals and other typical closing conditions.
The purchase includes a 252 MW suite of operational wind facilities and a 1,500+ MW development pipeline of wind and solar projects. The deal will allow Canadian Utilities, a subsidiary of Atco Industries Inc. to advance its growing leadership in renewables and clean fuels.
The agreement will also help Atco achieve its target of owning developing or managing 1,000 MW of renewable energy by 2030.
“Achieving Canada’s net-zero ambitions without sacrificing affordability and reliability requires that we pursue a range of low-carbon energy solutions, including renewable electricity, hydrogen, and natural gas… The people of ATCO are ready to do our part to meet the essential needs of today, and tomorrow,” said Nancy Southern, Chair & Chief Executive Officer, Atco and Canadian Utilities.