Dragons’ Den star pans to build $70B AI industrial park in Alberta

Key Takeaways:

• The partnership between the Municipal District of Greenview and O’Leary Ventures aims to develop Wonder Valley, an off-grid natural gas and geothermal-powered industrial park for AI data centers. This $70 billion project is set to create substantial economic growth, long-term job opportunities, and a new industry sector in Alberta and Canada.
• The Greenview Industrial Gateway (GIG) leverages Alberta’s natural gas resources, existing infrastructure, cold climate, and pro-business environment to provide 7.5 GW of low-cost power to AI and hyperscale operations.
• Positioned as a model for global investment in emerging industries, the project aims to establish Canada as a leader in AI infrastructure.

The Whole Story:

The Municipal District of Greenview has announced a partnership with O’Leary Ventures, led by Kevin O’Leary of Dragons’ Den fame, to build an off-grid natural gas and geothermal power infrastructure to support the largest AI data centre industrial park in the world.

The GIG has signed a Letter of Intent with O’Leary Ventures for the purchase and development of thousands of acres of land within the Greenview Industrial Gateway and to the south of the GIG.

Wonder Valley, which will be rolled out in multiple phases, marks the creation of an entirely new industry sector for the region and country. Officials say the scope and scale of this development will provide a massive influx of job opportunities during construction and beyond, bringing long-term employment and driving economic growth.

“This is fantastic news for Alberta. Our efforts to attract investment, grow our technology and innovation sector, and leverage our natural and human resources are being noticed. I’m excited to watch this project unfold in the months and years to come,” said Alberta Premier, Danielle Smith.

“The GIG project is proof that Alberta is a destination of choice for data centres and their corresponding power generation infrastructure. This exciting announcement from O’Leary Ventures demonstrates that the work our government has done over the last nine months to promote Alberta to data centre operators and investors is paying off. Alberta is open for business, and we’re just getting started,” states Minister of Technology and Innovation, Nate Glubish.

“This is more than just an investment in land; it’s an investment in the future of innovation and economic expansion for Canada,” said Tyler Olsen, Reeve of the MD of Greenview. “We’re excited to take this step forward, creating lasting benefits not only for our Municipality but for the surrounding communities, and the country as a whole.”

My joint venture team led by Paul Palandjian, CEO O’Leary Ventures and Carl Agren, CEO, HPC and AI Data Centres, has sourced what we believe is the most compelling site in all North America to generate and offer 7.5 GW of low-cost power to hyperscalers over the next 5-10 years. Given existing permits, proximity to stranded sources of natural gas, pipeline infrastructure, water and a fiber optic network within just a few kilometers of the Greenview Industrial Gateway, we will be in the ground and up and running sooner than any scale project of its kind.

Kevin O’Leary, Chairman, O’Leary Ventures

“We will engineer and build a redundant power solution that meets the modern AI compute reliability standards. The first phase of 1.4 GW will be approximately US$ 2 billion with subsequent annual roll out of redundant power in 1 GW increments. The total investment over the lifetime of the project will be over $70 billion when considering the infrastructure, power, data centres and ancillary structures.”

Kevin O’Leary added that the GIG’s ideal cold-weather climate, a highly skilled labor force, Alberta’s pro-business policies and attractive tax regime make the GIG the perfect site for this project. He noted the team wants to deliver transformative economic impact and the lowest possible carbon emissions afforded to us by the quality of gas in the area, our efficient design and the potential to add Geothermal power as well.

“Together, these factors create a blueprint for sustainability and success that can be recognized worldwide. This is the Greenview Model,” said O’Leary.

“One of our core values for the project is to engage with First Nations Indigenous communities to create a mutually beneficial relationship and one that honors the people and the lands for many years to come,” said Paul Palandjian CEO – O’Leary Ventures.

The project is expected to attract attention from global investors and industry leaders. Beyond jobs and financial benefits, this venture aims to establish Alberta and Canada as world leaders and as a center of excellence in this emerging industry.