Radiant Ridge, Inclusive Energy explore AI data center power venture

Radiant Ridge Energy and Inclusive Energy signed a non-binding memorandum of understanding to explore a strategic collaboration on power generation projects for AI data centers. The deal could combine Radiant Ridge’s behind-the-meter natural gas development with Inclusive’s asset management and capital deployment platform.

Why it matters: - AI data centers need more reliable and scalable power as computing demand grows. - The proposed collaboration could connect power generation, project development and financing in one model for new AI infrastructure. - Alberta-based energy and capital providers are positioning themselves for a market built around AI-driven power demand.

What happened: - Radiant Ridge Energy Limited and Inclusive Energy Ltd. signed a non-binding memorandum of understanding on November 2, 2026. - The two companies will explore a strategic collaboration focused on the development, ownership and/or financing of power generation projects supporting AI data center infrastructure. - The announcement came from Calgary, Alberta.

The details: - Radiant Ridge develops behind-the-meter natural gas power generation facilities co-located with modular AI data center campuses. - Inclusive is an asset management platform that wants to expand into power generation infrastructure serving AI data centers. - The companies plan to evaluate opportunities that combine Radiant Ridge’s development capabilities and project pipeline with Inclusive’s asset management platform and capital deployment capabilities. - The parties may participate jointly in the development, ownership and/or financing of projects under potential future structures. - The collaboration is non-binding, and any specific projects or investments will require further evaluation, mutual agreement and definitive documentation. - Bilal Hydrie, President and CEO of Inclusive Energy, said AI is driving a new wave of demand for reliable power and that Alberta’s energy industry is built to meet it. - Hydrie also said Inclusive is extending its energy investment platform into the power infrastructure behind AI and that Radiant Ridge has a development model built for this moment. - Radiant Ridge’s development model integrates behind-the-meter natural gas generation with modular AI data center campuses to align power infrastructure with data center needs. - Inclusive’s contemplated expansion would broaden its asset management activities into power generation infrastructure supporting AI data centers. - The parties expect to explore potential investment structures, project development opportunities and other collaboration terms as they assess the sector.

Between the lines: - The MOU signals early positioning, not a committed project pipeline. - The partnership reflects a broader push to secure power sources close to data center loads, which can reduce infrastructure friction for AI buildouts. - Inclusive’s move suggests traditional energy capital is looking for new demand centers beyond upstream oil and gas.

What's next: - Radiant Ridge and Inclusive will assess project opportunities and possible deal structures. - Any final agreement would depend on further negotiation and execution of definitive documents. - More specific projects, financing plans or ownership terms could emerge if the companies move beyond the exploratory phase.

The bottom line: - Radiant Ridge and Inclusive are testing a template for powering AI data centers with local natural gas generation and capital support, but the relationship remains exploratory for now. - Inclusive Energy is a Calgary-based capital partner and oilfield equipment provider to the energy industry. - Since 2010, Inclusive has supplied, sold and rented oilfield equipment from three facilities across Alberta and has provided flexible capital to upstream oil and gas producers. - Inclusive Energy is a Habib Group company. - More information is available at the company’s website.