CALGARY, ALBERTA – Suncor Energy Inc. and EHN’s subsidiary NAR, announced today they are seeking approval from the Alberta Energy and Utilities Board to construct a $48-million, 30-megawatt wind power project. The project, proposed to be located about six kilometres west of Magrath in southern Alberta, is a joint venture between Suncor and EHN.

Pending regulatory, and Suncor and EHN corporate approvals, construction is planned to begin this fall, with the 20-turbine facility to be tested and online by late 2004. Suncor and EHN plan to sell the power into the provincial electricity grid and the project is expected to generate enough energy to meet the equivalent demands of about 13,000 homes.

"This Magrath project reflects Suncor’s willingness to take unconventional approaches to the energy industry," said Rick George, president and chief executive officer. "It’s a key part of our $100 million commitment to develop renewable sources of energy."

If approved, the Magrath Wind Power Project would be Suncor’s second major investment in wind power. Suncor’s other renewable energy initiative is SunBridge, an 11-megawatt wind power project in Saskatchewan that is a 50/50 partnership with Enbridge Inc. Together, the two projects are expected to provide nearly 15 per cent of Canada's total installed wind electricity capacity and provide about 115,000 tonnes of carbon dioxide emission reductions annually.

"This is a major step for materializing our development efforts in Canada, which is considered a strategic country for our expansion plans," said Alberto de Miguel, EHN’s executive director of development.

Suncor Energy is an integrated Canadian energy company. Suncor’s Oil Sands business mines and upgrades oil sands into refinery feedstock and diesel fuel, near Fort McMurray in northern Alberta. Suncor is also a conventional natural gas producer in Western Canada and operates a refining and marketing business in Ontario. At the same time as Suncor meets today’s energy needs, the company invests in renewable energy for the future, through its subsidiary, Suncor Energy Products Inc. Suncor’s common shares are listed for trading on the Toronto and New York stock exchanges.

Corporacion Energia Hidroelectrica de Navarra, S.A. (EHN) of Spain is a group of companies dedicated to the development, construction, operation and ownership of renewable energy projects. EHN is expanding its wind power expertise in North America. NAR (North American Renewables Corp.) is a wholly owned subsidiary of EHN S.A.

Suncor statement on forward-looking information:

This news release contains forward-looking statements that may be identified by words such as "plan", "proposed", "expects" and similar expressions. These forward-looking statements are not guarantees of future performance and actual results could differ materially, as a result risks and uncertainties that could include technical issues and uncertainties resulting from delays, changes in plans and the occurrence of unexpected events. These and other risk factors are discussed in more detail in Suncor’ s Annual and Quarterly Reports to shareholders, Annual Information Form and other documents filed with securities regulatory authorities.

For more information on Suncor’s plans for renewable energy, visit www.suncor.com www.suncor.com.

For more information about EHN, visit www.ehn.es www.ehn.es.

Suncor Energy Inc.

Suncor Energy Inc.

Suncor Energy is Canada's leading integrated energy company. Suncor's operations include oil sands development, production and upgrading; offshore oil and gas; petroleum refining in Canada and the U.S.; and the company's Petro-Canada retail and wholesale distribution networks (including Canada's Electric Highway™, a coast-to-coast network of fast-charging electric vehicle stations). Suncor is developing petroleum resources while advancing the transition to a low-emissions future through investment in power, renewable fuels and hydrogen. Suncor also conducts energy trading activities focused principally on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. Suncor has been recognized for its performance and transparent reporting on the Dow Jones Sustainability index, FTSE4Good and CDP. Suncor is also listed on the UN Global Compact 100 stock index. Suncor's common shares (symbol: SU) are listed on the Toronto Stock Exchange and the New York Stock Exchange.

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