European Consortium Unveils Multi-Billion Dollar Data Center Plan in Alberta, Leveraging Local Gas Resources

European Consortium Unveils Multi-Billion Dollar Data Center Plan in Alberta, Leveraging Local Gas Resources January 2, 2026 A major European-backed data center initiative is set to transform Alberta, Canada's energy heartland, into a potential hub for artificial intelligence and high-performance computing. The project underscores a global trend of seeking locations with abundant, low-cost energy to power the exponentially growing demands of digital infrastructure. The venture is a partnership between Data District, a division of Swiss investment manager Alcral AG, and Portugal-based Technologies New Energy PLC (TNE). Their long-term blueprint envisions building up to 1 gigawatt of data center capacity across the province. According to Carlos Caldas, CEO of Data District, the total investment could reach €8 billion (approximately $12.8 billion) over the coming years. The first phase, valued at €780 million and announced in December, will commence with a site in Olds, located about an hour's drive north of Calgary. Executives cited Alberta's business-friendly environment and its vast, inexpensive reserves of natural gas as decisive factors. "We were very impressed with the province’s approach to business and data centres in specific," said Caldas, noting the consortium had initially considered Texas before reallocating most of its North American resources to Alberta. Julio Perez, CEO of TNE, emphasized the strategic advantage: "I think Alberta has that advantage where there is gas and it’s their own gas, and they are encouraging now the use of that gas for data centres." The project's scale positions it as one of the largest current investments in the province. The initial phase will be funded by Alcral and a UK firm, with reported interest from Asian sovereign investors. While customer agreements are not yet finalized, Perez expressed confidence in market demand, stating, "There was no prerequisite to see a signed occupancy or usage agreement with anyone. The funding is already there." The development follows a recent memorandum of understanding between Alberta's Premier Danielle Smith and federal officials, which aims to facilitate energy and infrastructure projects. As part of this agreement, federal clean electricity regulations will be lifted in exchange for provincial commitments on carbon pricing, paving the way for projects like this data center campus. Perez confirmed the facilities would generate 80% of their power on-site from natural gas, with the remaining 20% drawn from the grid—a partial reliance that may subject the operation to a planned provincial hardware tax. This investment signals a significant diversification of Alberta's economy, leveraging its traditional energy strengths to capture a share of the booming AI data center market. If fully realized, it could establish the province as a competitive destination for large-scale computing infrastructure in North America. Source: financialpost