EDMONTON – Capital Power Corp. has announced agreements to pursue U.S. natural gas power acquisitions and to supply electricity to a data centre developer in Alberta.
The Edmonton-based power generator says it has reached a memorandum of understanding with Apollo Funds to form a US$3-billion investment partnership to buy merchant natural gas assets across the United States.
Separately, Capital Power says it has entered into a binding MOU to negotiate an electricity supply agreement with an unidentified investment-grade data centre developer in Alberta with an expected 2028 start date.
CEO Avik Dey says his company sees growth opportunities from the artificial intelligence infrastructure boom and the rising need for reliable and affordable energy.
Meanwhile, Capital Power says it’s expecting its adjusted funds from operations to range from $890 million to $1.01 billion in 2026.
It has also earmarked $290 million to $330 million in sustaining capital for next year.
This report by The Canadian Press was first published Dec. 10, 2025.
Companies in this story: (TSX:CPX)