Canadian Utilities Buys Suncor's Wind And Solar Assets For $730 Million
Suncor Energy (SU) is selling its Canadian wind and solar business to Canadian Utilities (CU)
for $730 million.
The sale effectively means that Suncor Energy is getting out of the renewable energy business.
The deal covers all of Suncor's wind and solar assets in Canada other than the SunBridge wind
facility in Saskatchewan that was decommissioned in August of this year.
In a news release, Canadian Utilities said the portfolio of assets it's acquiring are located in
Ontario and Alberta, and have an operating capacity of 252 megawatts, plus more than 1,500
megawatts of projects that are currently being developed.
The two companies said the mutually agreed on transaction is expected to close in the first
quarter of next year (2023).
Suncor Energy's stock is up 33% this year at $44.23 per share. Canadian Utilities stock is down
1% on the year and currently trading at $36.13 a share.
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