February 24, 2026
The City of Edmonton has entered into a revised Social Objectives Agreement (SOA) with Capital Power Corporation (TSX:CPX), a publicly traded company headquartered in Edmonton, Alberta.
The revised SOA includes a substantial economic investment for the City of Edmonton while enabling governance flexibility for Capital Power. Capital Power has committed to two direct payments of $40M and $35M to the City of Edmonton. Options for an endowment are being evaluated, strengthening the City’s financial position and potentially reducing reliance on the tax levy through interest and dividend earnings.
The Agreement also includes a 10-year commitment of either Capital Power’s Head Office or Canadian Head Office remaining in Edmonton, with a defined guaranteed employee contingent supporting our economic growth and downtown vibrancy, and an ongoing $1 million annual commitment to community giving throughout the term.
“This agreement is a powerful example of a true win-win - an alignment where the interests of our City and the private sector move in the same direction so all can benefit,” said Mayor Andrew Knack. “By choosing to renew its commitment to Edmonton, Capital Power is providing a vote of confidence in our City and our downtown, as an employer and economic driver that brings energy to our core. Investors should be encouraged that Edmonton is a business-friendly city. The financial component of this deal is an investment in both the City itself and the people who live here”.
“Edmonton has been at the heart of Capital Power since day one, and this renewed agreement reflects our commitment to the city’s long-term success,” said Avik Dey, President and CEO, Capital Power. “By investing directly in community vibrancy and city building, we’re deepening our partnership with the City of Edmonton and helping ensure the people who live and work here benefit from our growth now and for years to come.”
The agreement also authorizes the assignment of a single non-dividend paying Special Limited Voting Share from EPCOR to Capital Power, allowing Capital Power’s board and shareholders greater flexibility on matters of corporate governance.
While the City has no ownership in Capital Power, it is historically connected through Capital Power’s origins in the City’s Public utility services, a history rooted in over 100 years in Edmonton.
