Capital Power reports 2025 results and U.S. expansion

Capital Power Corporation released its 2025 financial results and published its 2025 Integrated Annual Report, and highlighted strategic actions including a ~C$3.0 billion acquisition in PJM, MOUs for U.S. growth and a 250 MW Alberta data center ESA.

• Main announcement: Capital Power reported full-year 2025 results (AFFO C$1,066 million; net income C$159 million) and published the 2025 Integrated Annual Report; completed acquisition of Hummel and Rolling Hills for approximately C$3.0 billion (US$2.2 billion) and issued C$2.3 billion of senior unsecured notes (including ~C$1.7 billion U.S. private offering). The Company also entered MOUs: (a) with Apollo Funds for an investment partnership with up to US$3.0 billion of potential committed equity (including US$750 million from Capital Power), and (b) with an investment-grade data center developer for a 250 MW Alberta ESA (10+ years) anticipated to start in 2028.
• Background and other details: Capital Power raised C$667 million of equity, completed a C$600 million medium-term note offering (4.231% interest, maturing Jan 14, 2033), redeemed C$300 million January 2026 notes, and reached commercial operation of ~60 MW of contracted projects plus 170 MW battery storage in Ontario. The Arlington Valley tolling agreement was extended to Oct 2038, with an expected full-year adjusted EBITDA uplift of ~US$70 million by 2032 and an uprate contributing ~US$8 million/year starting 2027.