Projects / Black Bear
Black Bear
A fully-permitted 466 MW natural gas combined-cycle plant paired with approximately 2,500 acres of adjacent, Tier-compatible data center land — with a defined pathway to approximately 3 GW across the campus.
Capacity
466 MW
Target energization
Q3 2028
All-in cash cost
~$28/MWh
Pathway
~3 GW
OVERVIEW
A power-and-campus development at scale.
Black Bear pairs 466 MW of combined-cycle gas generation with approximately 2,500 acres of adjacent land permitted and engineered for Tier-compatible data hall development. The site supports a defined pathway to approximately 3 GW — roughly 2 GW behind-the-meter plus 1 GW grid — across the campus.
Sited in an AESO sub-region with the lowest interconnection fee in Alberta ($10K/MW) — a regulator-driven signal that new dispatchable generation is needed in that exact location.
SPECIFICATIONS
Project specifications.
Generation
466 MW natural gas combined-cycle (NGCC).
Campus
~2,500 acres of adjacent, Tier-compatible data center land. Defined pathway to ~3 GW across the site (~2 GW behind-the-meter + ~1 GW grid).
Location
Alberta, Canada. Sited in the AESO sub-region with the lowest interconnection fee in the province ($10K/MW).
Permits — Federal
Fully permitted at the federal level.
Permits — Provincial
Environmental Protection and Enhancement Act (EPEA), Alberta Utilities Commission (AUC), noise and emissions — all in hand.
Indigenous Consultation
Indigenous consultation complete.
Interconnection
AESO Cluster 3 interconnection application submitted April 2026. No material project changes since prior Cluster 1 approval under previous ownership.
Tier Compatibility
Tier 3/4-targeted: redundant power, gas, fiber, and water for 99.982% uptime.
Energization
Target Q3 2028. Approximately 24 months from Final Investment Decision.
Cost transparency
Power cost: $28.05 per MWh, lined out.
Year-1 (2028) total cash operating cost per MWh of generation, on a behind-the-meter delivery basis. Source: Black Bear project financial model. This is the buildup investors and off-takers can audit.
Behind-the-meter delivery bypasses AESO non-energy charges; the grid-scenario equivalent is approximately $30/MWh. Excludes capital recovery and equity return; operating-cost basis only.
The fuel line reflects AECO gas at a heat rate of 5.33. AECO-hub gas has historically traded approximately 40% below NYMEX / Henry Hub. The variable O&M / LTSA line reflects the long-term service agreement attached to the combined-cycle equipment. Net TIER carbon is the post-credit Alberta TIER regulation cost.
Long-term all-in cash cost stays below $40/MWh through the project life, against an Alberta merchant market forecast to roughly double over five years.
Source: Black Bear project financial model. Excludes capital recovery and equity return; operating-cost basis only. Forward-looking; subject to fuel price, regulatory, and operating assumptions.
Market context
Recent comparable transactions.
Gigawatt-scale buyers are committing to dedicated, behind-the-meter power. Black Bear sits squarely inside that precedent — at a Year-1 cost roughly a quarter of the delivered cost in Virginia.
Sources: Microsoft / Constellation press release, September 2024; Talen Energy 8-K and investor presentations, March 2024; Constellation / Meta press release, June 2025; Google / Kairos public announcement, 2024; AWS / Talen Cumulus campus disclosures, 2024.