PowerBank is advancing a proposed 2 MW modular data centre in Ontario after its development partner signed a 30-year site lease, marking the first project under a joint development agreement.
In an announcement today, the company said it plans to lease the facility’s powered shell to an AI cloud operator responsible for supplying and operating its own GPUs.
The proposed design would provide approximately 1.77 MW of leasable IT capacity, accommodating an estimated 500 NVIDIA GB300 GPUs. PowerBank describes it as the first of several planned Ontario sites.
The project remains at an early development stage. No tenant agreement has been signed, and required municipal approvals—including a zoning amendment and building permit—have not been obtained.
Subject to approvals, construction is expected to take eight to 12 months. Commercial operations are currently targeted for PowerBank’s fiscal 2028, ending June 30, 2028.
PowerBank estimates potential gross annual lease revenue of approximately C$2 million, shared with its partner. That projection assumes full occupancy, financing, approvals, and completion; it is not contracted revenue.
The company also cautions that its capacity, cost, and revenue estimates rely on market benchmarks rather than an independent engineering study or binding vendor quotations.