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Canada‘s Data Centre boom: A Strategic Shift Fueled by AI and National Security
The burgeoning demand for artificial intelligence and other data-intensive online activities has spurred a meaningful expansion of Canada’s data centre infrastructure. This growth is driven by a confluence of factors, including more affordable energy, a cooler climate that naturally reduces cooling costs for heat-generating servers, and a strategic imperative too keep sensitive data within national borders.
Initially, much of the world’s data resided in the United States. However, evolving geopolitical landscapes, increasing scrutiny over data storage locations, a desire to lessen reliance on U.S. tech giants for AI and cloud computing, and the strength of the U.S.dollar have all contributed to a shift. The current surge in generative AI has further amplified the need for energy-efficient data centres.recognizing a potential deficit in this critical infrastructure, the Canadian goverment views domestic data-centre capacity as a matter of national and economic security. To address this, a $2-billion program was launched last year to facilitate Canadian companies’ access to the computer chips essential for building and operating AI models. The government is also actively encouraging private sector investment in building more facilities within Canada. Major telecommunications companies like BCE Inc. and Telus Corp. have already announced plans for AI data-centre projects, and the Alberta government is actively seeking to attract companies to establish operations in the province.Estruxture, a company that anticipated this trend, is investing $750 million in a significant data centre in Calgary. The company has a history of acquiring and repurposing existing facilities, including purchasing most of its centres from Shaw, Gaz Metro Plus, and Aptum Technologies, and transforming the former Montreal Gazette printing plant into a data centre. Estruxture serves nearly 1,000 clients in Canada and numerous international entities, including major tech companies, film studios, and telecommunications firms with Canadian operations.
Early financial backing for Estruxture came from the Caisse de dépôt et placement du Québec. Last year, the Caisse divested its stake to a consortium led by Toronto-based Fengate Asset Management as part of an $1.8-billion recapitalization.
The company’s financial stability is supported by contract payments from 390 clients across its six data centres. Credit rating agency DBRS has affirmed its rating,citing stable projected cash flow derived from a diverse and loyal client base throughout Canada. DBRS also highlighted the “expected resiliency and sticky nature” of these revenue streams, acknowledging the “critical and strategic nature of services that data centres provide to tenants’ business operations.”
