The Edmonton-based firm said it has a binding memorandum of understanding to supply 250 MW of electricity to an unnamed developer for over a decade starting in 2028. Capital will also commit up to US$750 million to buy U.S. natural gas plants with funds from Apollo Global Management, which will contribute up to US$2.25 billion. Its stock traded down as much as 6.23 per cent on Wednesday. (The Logic)

Talking point: Capital wants to be at the front of the line to power Alberta’s big data centre ambitions, but the firm has previously complained of regulatory barriers like the provincial electricity authority’s system for allocating capacity. It welcomed the recent federal-provincial deal that exempts Alberta from clean power rules. Capital says its potential data centre client is “investment grade,” a criteria that doesn’t fit many firms, despite all the money flowing into AI. For compute, it normally means tech giants with a major cloud service arm, like Amazon, Google, Microsoft or Oracle. Capital isn’t the only player in the game—as The Logic first reported, Pembina Pipeline is nearing a deal to power a data centre for Meta in Alberta.