Finning International Inc.: The New DC Frontier: Alberta Wins Hyperscaler Commitment

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Finning International Inc.: The New DC Frontier: Alberta Wins Hyperscaler Commitment

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Finning International Inc.

The New DC Frontier: Alberta Wins

Hyperscaler Commitment

Reiterate Rating: BUY | PO: 122.00 CAD | Price: 104.35 CAD

Hyperscalers moving North 14 July 2026

On July 8th, Meta announced plans to build a C$13bn data center in Alberta, just north of Equity

Edmonton. The announcement reinforces our view that Alberta is emerging as North

Sherif El-Sabbahy

America's next major data center hub, supported by a favorable climate, abundant land Research Analyst

availability, and access to low-cost natural gas. While several large-scale projects have BofAS sherif.el-sabbahy@bofa.com

already been proposed, Meta's commitment represents a significant validation of the

Michael Feniger

region by a leading hyperscaler. The project also highlights the growing importance of Research Analyst

behind-the-meter power solutions. The facility will be powered entirely by dedicated BofAS michael.feniger@bofa.com

natural gas generation rather than relying on the grid. This announcement underscores

Matthew Palay

key trends: the increasing focus on speed-to-market, rising demand for flexible power Research Analyst

solutions, and Alberta as the next attractive region. These dynamics should create BofASmatthew.palay@bofa.com

broader opportunities across the natural gas power value chain, including reciprocating

engines, which offer shorter lead times, and rental power solutions that can serve as

interim capacity while permanent infrastructure is built. The announcement supports our

Stock Dataview that EPS could double by 2030. We reiterate our Buy rating.

Meta data center powered by behind the meter turbines PricePrice Objective 104.35122.00 CADCAD