Canadian Utilities, an ATCO company overseeing $21 billion in assets, will take over the oil-sands giant’s renewables portfolio. (The Logic)

Talking point: Suncor, one of Canada’s largest oil producers, had signalled in April its plans to divest all its wind and solar assets, saying it would instead focus on areas like hydrogen, power co-generation and renewable fuels. Ottawa has laid out lofty targets in developing a new hydrogen industry in Canada, and the federal government recently agreed to a long-term hydrogen supply deal with Germany. Suncor had been one of the oil industry’s larger renewables developers over the last 20 years, building solar facilities and eight wind farms across three provinces. Its portfolio adjustment comes amid broader restructuring efforts after the U.S. activist fund Elliott Investment Management called for operational and executive-level changes following a period of stock underperformance.