Swiss-Backed Data District Unveils $1.3 Billion AI Data Center Expansion in Alberta
December 21, 2025
In a significant move highlighting the global competition for data center infrastructure, a major Swiss-backed investment is set to bolster Alberta's position as an emerging hub for artificial intelligence and high-performance computing. The development underscores the critical role of reliable, abundant, and cost-effective energy in attracting capital-intensive digital infrastructure projects.
Invest Alberta announced this week that Data District Inc., a division of Swiss asset management firm Alcral AG, has formed a partnership with Technologies New Energy to develop a pipeline of four AI data centers across the province. The total investment for these facilities is valued at approximately $1.3 billion, representing one of the largest foreign technology investments in Alberta this year. The agreement covers a development pipeline with a total capacity exceeding one gigawatt.
The first phase of construction, with a combined capacity of 240 megawatts, is scheduled to begin next year in the town of Olds, located in central Alberta. Initial operations for these first sites are targeted for 2026. A second facility in Bonnyville, northeast of Edmonton, is planned to follow in 2027. Carlos Caldas, Chief Executive of Data District, explicitly cited Alberta's energy landscape as the decisive factor. "Energy was a big, big factor. I would probably say energy might be almost the biggest factor in our decision," Caldas stated, pointing to the province's business-friendly environment and abundant power supply.
Technologies New Energy will be the primary power provider for the centers, drawing mostly from its own generation assets while supplementing with electricity from Alberta's provincial grid. The company plans to supply modular gas generation systems, batteries, and other energy storage infrastructure to support the facilities' substantial power demands, which for a single large data center can rival the consumption of a mid-sized city.
The announcement comes on the heels of a recent memorandum of understanding between Alberta Premier Danielle Smith and federal officials, which lifted certain net-zero power regulations for the province. Premier Smith hailed the data center investment as "amazing news" directly resulting from the November agreement. Alberta has aggressively marketed its natural gas reserves, cold climate, and deregulated electricity market with an ambitious goal of attracting $100 billion in data center investments over the next five years. The province already hosts more than 20 data centers, with dozens of additional projects in development.
The selection of Olds for the initial build-out was influenced by its existing infrastructure, proximity to Calgary International Airport, and access to high-speed internet via the town's municipal broadband network. Local officials had pre-selected the site for its readiness to support rapid digital infrastructure development. Following the investment news, shares of Technologies New Energy rose by 8.3%.
Source: thedeepdive
