A contract is not a campus running
Capital Power (TSX: CPX) said July 8 it signed a long-term energy supply agreement, greater than 10 years, for 250 megawatts of capacity and energy for a Meta Platforms data centre in Sturgeon County, Alberta. The load is aimed at the back half of 2028. The July 8 Globe Newswire note said the ESA includes a capacity and energy payment and is backed by Capital Power's Alberta portfolio. Meta is listed at AA- / Aa3. The company said the deal leaves room to keep optimizing Genesee. That is a 2028 start. It is not 2026 Alberta pool volume.
Second-quarter results landed July 29. Generation was 10,137 gigawatt-hours. Availability was 87 percent. Revenue was $740 million. Adjusted EBITDA was $351 million. AFFO was $328 million, or $2.09 a share. Cash from operations was $214 million. The quarter printed a $43 million net loss, or $0.33 a share. The dividend rose 2 percent to $0.6910 a common share, the 13th annual increase. Hummel Station and Rolling Hills, bought in June 2025, are in the EBITDA lift. Alberta pool prices and generation were a drag.
Hornet Solar is a separate U.S. file
On July 10 Hornet Solar reached mechanical completion. Tax equity of about $26 million (US$18 million) net of issue costs came in. Another $104 million (US$73 million) is aimed at substantial completion in the fourth quarter. Do not staple a U.S. solar tax-equity draw to an Alberta data-centre ESA.
Neutral read
CPX is on the listed utilities list. Banks were skipped. 250 megawatts and a late-2028 in-service aim are the checkable facts. Write this as contracted Alberta capacity, not as a live AI campus. Watch whether the load actually shows up in the back half of 2028, whether Genesee still has spare commercial room, and whether the $43 million loss is a derivative-and-depreciation quarter or a run-rate problem.