ATCO Acquires RE Portfolio Worth C$ 730 M From Suncor Energy

Oct 10, 2022 04:06 PM ET
  • It includes a diversified operating portfolio of wind assets-- consisting of the new 202 MW Forty Mile wind project in Alberta and a majority interest in the Adelaide wind facility in Ontario.
  • The main declaration held that the transaction is expected to close in the first quarter of 2023.

Canadian Utilities Limited said that it has actually authorized a contract with Suncor Energy under which the utility firm will certainly acquire a strong portfolio of wind as well as solar assets and also projects located in Alberta and also Ontario regions of Canada. The offer is attained for a purchase rate of C$ 730 million. Suncor is an Alberta based incorporated energy firm and Canadian Utilities is had ATCO. The main statement held that the purchase is anticipated to close in the very first quarter of 2023.

Nancy Southern, Chairman & CHIEF EXECUTIVE OFFICER, ATCO and also Canadian Utilities, held, "Getting Canada's net-zero ambitions without compromising affordability and also reliability calls for that we seek a range of low-carbon energy options, including renewable power, hydrogen, and also natural gas."

Bob Myles, Executive VP, Corporate Development, ATCO and Canadian Utilities, stated, "With this financial investment, we instantly include a new wind power placement to our growing renewables portfolio, we bring added top quality wind and also solar development chances right into our growth pipeline, and also we broaden our renewables driven earnings base."

ATCO additionally stated that the purchase is expected to be earnings and cash flow accretive in 2023. It consists of a diversified operating portfolio of wind assets-- including the new 202 MW Forty Mile wind project in Alberta and also a majority passion in the Adelaide wind facility in Ontario.

The Alberta wind project is expected to be operational by the end of 2022. The offtake from Adelaide is gotten under a lasting power acquisition contract (PPA) as well as ATCO is in contract conversations with credit rating deserving counterparties on the Forty Mile project. ATCO additionally protects a development pipe with more than 1,500 MW of wind as well as solar projects at numerous stages of development, consisting of numerous late-stage projects.

ATCO claimed that this financial investment puts the business on a firm trajectory to become a major renewable gamer and also accomplish our previously introduced goal of owning, creating or handling greater than 1,000 MW of renewable energy by 2030. ATCO wishes to achieve net-zero greenhouse gas emissions by 2050.

Canadian Utilities Limited

With assets of $21 billion, Canadian Utilities Limited has a diversified international energy infrastructure firm providing essential solutions and cutting-edge organization services in Utilities (electricity and also natural gas transmission and also distribution, and also global electrical power procedures); Energy Framework (electricity generation, energy storage space, as well as industrial water options) and also Retail Energy (electricity and natural gas retail sales).

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