Canadian Utilities Ltd., an ATCO company, closed on the acquisition of Suncor Energy Inc.'s Canadian wind and solar projects and assets, the company announced in a press release on Jan. 6.
ATCO first announced the acquisition on Oct. 5. Valued at $713 million - adjusted from the original purchase price of $730 million - the assets include the 202 megawatt (MW) Forty Mile Alberta-based wind project, as well as a majority interest in Ontario's Adelaide wind facility, according to a press release from the initial announcement.
The company has successfully began operations at both projects.
"With this transaction, ATCO adds 232 MW of operating wind assets and a 1.5-gigawatt renewable development portfolio in Canada," ATCO executive vice president of corporate development Bob Myles commented in the release.
In addition to the deal closing, ATCO also entered a renewable energy purchase agreement (REPA) with Microsoft to provide the technology corporation with 150 MW of renewable energy from the Forty Mile project.
The REPA will last 15 years and follows another 15-year REPA with Microsoft, signed in March 2022, for Microsoft to purchase all renewable energy from ATCO's Deerfoot solar installation in Calgary.
"This agreement, along with one we announced in March 2022, supports our commitment to decarbonization and furthers our goal of being powered by 100% renewable energy by 2025," Microsoft Canada president Chris Barry said. "We look forward to working with ATCO to help us get one step closer to our carbon negative commitment and bring more renewable energy to the grid."
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