Overview
- Bell will invest $1.7 billion in the Sherwood campus, allocating about $1.3 billion in 2026, financed through a mix of debt and cash with leverage targets reaffirmed at 3.5x by end‑2027 and about 3x by 2030.
- Anchor leases cover the full 300 MW, with Cerebras taking 160 MW and CoreWeave 140 MW, backed by long‑term commitments and tenant prepayments to reduce Bell’s credit and technology risk.
- At full run‑rate, Bell projects roughly $500 million in annual revenue, $400 million in EBITDA and $250 million in free cash flow from the facility.
- Updated guidance lifts Bell’s 2025–2028 revenue CAGR by 0.5 percentage points and EBITDA growth by 1 point, while forecasting a 28%–34% free‑cash‑flow decline in 2026 with the dividend unchanged.
- SaskPower will supply electricity and SaskTel will extend fibre, with Bell planning closed‑loop cooling and waste‑heat reuse as Saskatchewan’s fossil‑heavy grid raises emissions concerns.