Canada's Atco buys rights to 39-MW solar project in Alberta

Canadian engineering, logistics and energy holding company Atco Ltd (TSE:ACO.X) said on Monday it has purchased a 39-MW solar project that is currently being developed in the state of Alberta.

Calgary, Alberta-based Atco bought the development rights to the Empress Solar scheme from a third-party developer whose name was not specified. The value of the transaction also remained under wraps.

Atco carried out the acquisition through its subsidiary Canadian Utilities Ltd.

Located near the village of Empress near the Alberta-Saskatchewan border, the Empress photovoltaic (PV) project has is already being executed after all major permits have been secured. The power plant will use 85,000 bifacial solar panels that are planned to be switched on in 2022. Its output, estimated to be enough to cover the annual consumption of over 11,000 homes, will be sold into the Alberta power market. Atco said it is currently holding talks with potential off-takers to sign a power purchase agreement (PPA).

"This kind of energy project is a central pillar of ATCO's strategy, a strategy anchored by our commitment to sustainability through the production of cleaner fuels, renewable electricity, energy efficiency and critical energy infrastructure," said Bob Myles, executive vice president corporate development at Atco.

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