Canadian Utilities Limited, a subsidiary of ATCO, has finalized the acquisition of a portfolio of wind and solar assets from Suncor Energy Inc. The transaction, initially valued at $730 million, was adjusted to $713 million upon closing on January 6, 2023, following customary closing adjustments.

The acquired assets encompass 232 megawatts (MW) of operational wind capacity, notably the 202 MW Forty Mile Wind Project in Alberta and a majority stake in the Adelaide Wind Facility in Ontario.

Legal counsel for Canadian Utilities was provided by Bennett Jones LLP, with a team led by Luke Morrison and including Ashley White, Will Osler, Julia Pasieka, Sydney Olsen, John Gilmore, Susan Seller, Denise Bright, Deirdre Sheehan, Alixe Cameron, Samantha Lush, Michael Ramsay, and Kyle Donnelly. Suncor Energy was advised by Blake, Cassels & Graydon LLP.