Kevin O'Leary in cooperation with the Municipal District of Greenview to develop the world's largest AI Data Centre Industrial Park 'Wonder Valley' in the Greenview Industrial Gateway ("GIG") near Grande Prairie in North West Alberta, Canada

GREENVIEW, AB, Dec. 9, 2024 /CNW/ - The Municipal District of Greenview is proud to announce a groundbreaking partnership with O'Leary Ventures 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. This transformative project is both a monumental achievement for Greenview and a pivotal moment for Alberta, Canada, and North America in terms of global business investment.

Wonder Valley, which will be rolled out in multiple phases, marks the creation of an entirely new industry sector for the region and country. 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. With the addition of job opportunities and a highly skilled workforce, the development will also stimulate a significant rise in tax revenue, bolstering local and regional Economies.

"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," said Kevin O'Leary, Chairman of 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."

"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. We want 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 Mr. 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 unique project is expected to attract attention from global investors and industry leaders, setting a new benchmark for large-scale data infrastructure projects worldwide. Beyond jobs and financial benefits, this venture promises to establish Alberta and Canada as world leaders and as a center of excellence in this emerging industry.

Website & Video Link: olearyventures.com/wondervalley/

SOURCE O'Leary Ventures

Kyle Reiling, e: [email protected]; Nancy Cheung, e: [email protected]