Meta’s $13B data center investment in Alberta is official, powered by Pembina’s 932 MW Greenlight gas plant - which should add $310M of run-rate EBITDA once online…

… representing a ~7x build multiple, well below where PPL currently trades - making them the clear winner on the corporate side…

… but not the only one, with Aecon (ARE) winning the $1.7B construction contract…

… and Capital Power (CPX) entering a >10 year, 250 MW supply agreement with Meta to plug the gap while Greenlight gets built. Should Alberta attract more AI investment, CPX could also benefit from a healthier spot market…

… as could TransAlta (TA), who has plenty of merchant exposure in the province.

It wouldn’t stop at power producers either, with Mullen Group’s freight and industrial logistics businesses benefitting from elevated construction activity.

Beyond issuers, a new wave of investment could be a serious tailwind to Alberta’s economy - with Meta’s project alone knocking ~2% off provincial unemployment during construction.

Better job prospects could could keep interprovincial migration flowing from east to west…

… which would benefit Boardwalk (BEI-U), who generates two thirds of its rental revenue from Canada’s Texas. Long Alberta? Let’s see.

About Bullpen: Bullpen Finance Inc. publishes content on Canadian markets and provides paid research coverage of select Canadian issuers. Bullpen is paid in cash by covered issuers, does not accept stock or options, does not hold positions in covered securities, and does not conduct investment banking business. Bullpen and LodeRock Advisors Inc. are affiliated; LodeRock provides investor relations services to issuers, some of whom are covered by Bullpen Research. When a post discusses a covered issuer, a specific disclosure appears at the top of the post. This post is published for general information purposes. It is not personalized investment advice and is not tailored to any individual reader’s circumstances. Bullpen is not a registered investment adviser or dealer. For full disclosures, including analyst certification, jurisdictional statements, and conflict of interest policies, please see our Legal & Disclosures section on our website.

You might be interested in…