EDMONTON, Alberta, July 08, 2026 (GLOBE NEWSWIRE) -- Capital Power Corporation (“Capital Power” or the “Company”) (TSX: CPX) today announced it has entered into a long-term (greater than 10 years) Energy Supply Agreement (“ESA”) for 250 megawatts (“MW”) of capacity and energy in support of a data centre in Sturgeon County, Alberta being developed by Meta Platforms, Inc. (“Meta”). The load from the project is anticipated to be in service in the back half of 2028.
Backed by Capital Power's reliable Alberta power generation fleet, the ESA enhances our contracted profile with a commercial structure designed to provide stable, long-term contracted cash flows. The transaction preserves Capital Power's ability to pursue further commercial optimization in Alberta at its Genesee site. The agreement will support Meta’s new data centre, demonstrating the province's ability to attract large-scale digital infrastructure investment and supporting long-term economic growth.
“This agreement is exactly the kind of opportunity we've been preparing for – AI infrastructure will be built where power is available, reliable and scalable and, with the support of Capital Power’s fleet, Alberta meets the mark. At Capital Power we are ready to serve customer’s growing demand for 24/7 power while creating long-term value for our shareholders,” said Avik Dey, President and Chief Executive Officer of Capital Power. “Our Alberta fleet is built for this. We have the dependable, dispatchable generation and operational expertise needed to power large-scale infrastructure projects like Meta's new data centre.”
“We're grateful to the Government of Alberta and the Federal Government of Canada for creating an investment environment that makes projects like this possible. It's a great day for Alberta, a great day for Canada, and a strong vote of confidence in Capital Power's ability to help power the next generation of AI and digital infrastructure,” added Dey.
“This agreement is another example of Alberta's plan delivering results. Investments like this create thousands of jobs, generate new revenue that helps pay for the services Albertans rely on, and help reduce transmission costs for consumers. That's exactly why our government has worked to make Alberta the best place in North America to invest in AI and digital infrastructure.” – Danielle Smith, Premier of Alberta
The agreement reflects Capital Power’s strategy to support growing electricity demand across North America through disciplined investment, operational excellence and strong partnerships with utilities, customers and communities. As demand from industrial growth, electrification and digital infrastructure continues to accelerate, Capital Power is focused on delivering scalable, reliable and balanced energy solutions that support both economic growth and system resilience.
Key terms of the Agreement:
| Term | Long-term (greater than 10 years) |
| Counterparty / Credit Rating | Meta Platforms, Inc. (AA- / Aa3)1 |
| Capacity | 250 MW |
| Anticipated Start Date | Back half of 2028 |
| Commercial Construct | Energy Supply Agreement is inclusive of a capacity and energy payment and is backed by Capital Power’s Alberta portfolio. |
1) Ratings from S&P / Moody’s, respectively
Forward-looking Information
This news release contains forward-looking information and forward-looking statements (collectively referred to as “forward-looking information”) within the meaning of applicable securities laws. Such forward-looking information is provided to inform Capital Power’s shareholders and potential investors about management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Although Capital Power believes that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Any such forward-looking information may be identified by words such as “anticipate”, “proposed”, “estimated”, “estimates”, “would”, “expects”, “intends”, “plans”, “may”, “will”, or similar expressions, although not all forward-looking information contain these identifying words.
Material forward-looking information in this news release includes, but is not limited to, expectations regarding (i) the construction by Meta of the data centre, and the timing of Meta’s project’s load entering service; and (ii) the outcomes resulting from the ESA.
Such forward-looking information is based on certain assumptions and analyses made by Capital Power in light of its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate, including its review of the anticipated benefits of the ESA. The material factors and assumptions used to develop these forward looking statements relate to: (i) electricity and other energy (including natural gas) and carbon prices; and (ii) the status and impact of policy, legislation and regulations.
Whether actual results, performance or achievements will conform to Capital Power’s expectations and predictions are subject to a number of known and unknown risks and uncertainties which could cause actual results and experience to differ materially from Capital Power’s expectations. Such material risks and uncertainties are: (i) Meta’s completion of a data centre as contemplated in the ESA, (ii) changes in electricity, natural gas and carbon prices in the Alberta market; (iii) regulatory and political environments, including changes to environmental, climate, market structure and tax legislation; and; (iv) generation facility availability.
For further discussion on risks assumptions and uncertainties that could cause actual results to differ from the anticipated results, refer to “Risks and Risk Management” in Capital Power’s Integrated Annual Report for the year ended December 31, 2025, prepared as of March 4, 2026, and to the risk factors, assumptions and uncertainties described in other documents Capital Power files with Canadian securities regulators which are available on SEDAR + at sedarplus.ca.
Readers are cautioned not to place undue reliance on such forward-looking information, which speak only as of the date made and that other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information. Capital Power does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking information to reflect any change in Capital Power’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
About Capital Power
Capital Power (TSX: CPX) is one of North America’s leading independent power producers, with approximately 12 GW of generation capacity across 35 facilities. Our portfolio includes natural gas, renewables and battery energy storage solutions. We deliver power generation at utility-scale through a flexible and resilient fleet built to meet growing electricity demand. Backed by deep expertise and an investment-grade credit rating, we provide safe, reliable power communities can depend on. We are Powering Change by Changing Power™.
For more information, please contact:
| Media Relations: Katherine Perron (780) 392-5335 kperron@capitalpower.com | Investor Relations: Noreen Farrell 403-461-5236 investor@capitalpower.com |
