A Swiss asset management firm has committed to developing four artificial intelligence data centers across Alberta, marking one of the largest foreign technology investments in the Canadian province this year.
Data District Inc., a division of Alcral AG, has partnered with Technologies New Energy to build facilities valued at approximately $1.3 billion, Invest Alberta announced this week. The agreement covers a pipeline exceeding one gigawatt of capacity.
The first phase includes four projects with a combined 240-megawatt capacity, with initial operations targeted for 2026. Construction will begin in Olds, a town in central Alberta, next year, followed by a second facility in Bonnyville, northeast of Edmonton, in 2027.
Carlos Caldas, Data District’s chief executive, stated that Alberta’s energy resources influenced the company’s decision to locate there.
“I would probably say energy might be almost the biggest factor in our decision,” Caldas said, citing the province’s openness to business and abundant energy supply.
Technologies New Energy will provide power for the centers, drawing mostly from its own generation capacity while supplementing with electricity from Alberta’s provincial grid. The company will supply modular gas generation systems, batteries, and energy storage infrastructure.
The announcement follows Alberta Premier Danielle Smith’s signing of a memorandum of understanding with Prime Minister Mark Carney that lifted federal net-zero power regulations for the province. Smith called the data center investment “amazing news” resulting from the November agreement.
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Alberta has positioned itself to attract $100 billion in data center investment over the next five years, leveraging its natural gas reserves, cold climate, and deregulated electricity market. The province hosts more than 20 existing data centers, with dozens more projects in various stages of development.
Data centers require substantial electricity to power servers and cooling systems. A single large facility can consume as much power as a mid-sized city.
The Olds facility will benefit from existing infrastructure, proximity to Calgary International Airport, and high-speed internet connectivity through the town’s municipal broadband network. Local officials selected the site for its preparedness to support digital infrastructure development.
Technologies New Energy shares rose 8.3% following the announcement.
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