Suncor Dumps Wind, Solar Projects to Boost CCS, Hydrogen

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 Canadian Press reports.

“The deal means Suncor is essentially out of wind and solar, leaving it with only one decommissioned facility in Saskatchewan,” writes PVBuzz Media. “The assets changing hands are in Ontario and Alberta, with 252 megawatts of operating capacity, plus more than 1,500 from projects in development.”

The Calgary-based oil sands giant said last Wednesday that it wants to concentrate on its core business as it progresses to net-zero by 2050, CP says.

Kris Smith, Suncor’s interim president and CEO, said its efforts will include replacing coke-fired boilers at its base plant with lower-emission cogeneration units. He said Suncor will also invest in hydrogen and low-carbon fuels and accelerate commercial-scale deployment of carbon capture technology.

Suncor says the sale includes its interest in the 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.

Just a week earlier, Calgary-based pipeliner Enbridge Inc. announced a deal for up to US$320 million to buy into U.S. renewable power developer Tri Global Energy. The company is the third-largest onshore wind developer in the U.S., with wind and solar projects totalling more than seven gigawatts, CP reported at the time.

“TGE’s significant development pipeline, coupled with our renewable capabilities, and existing self-power opportunities, make this a truly synergistic investment that further positions us to grow organically at attractive equity returns,” said soon-to-retire Enbridge CEO Al Monaco.

The main body of this report was first published by The Canadian Press on October 5, 2022