Advanced economies need data centres to stay competitive. Canada, for instance, is building out artificial intelligence (AI) infrastructure not only to power the digital economy but also to secure its public and private systems.
While mega-cap U.S. tech titans dominate the headlines, you need not cross the border to invest. Three Canadian data centre stocks stand out for strategic exposure. You can earn in two ways from their long-term growth potential: price appreciation and dividends.
Here are the top three TSX stocks supporting data centres and the AI boom.
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Ranked #1
Brookfield Renewable Partners (TSX: BEP.UN) is the pre-eminent choice because of its massive footprint in North America and globally. The $13 billion company owns a portfolio of renewable power-generating facilities. It can build data centres and supply them with carbon-free electricity.
AI and the power requirements of AI data centres are growth drivers. Brookfield Renewable has signed a renewable power deal with Microsoft in May 2024 to deliver power between 2026 and 2030. In July 2025, the company signed a framework agreement with Google to deliver up to 3 GW of carbon-free hydroelectric capacity across the U.S.
Energy demand, further amplified by AI, continues to accelerate. Brookfield Renewable plans to deploy $9 to $10 billion in capital over the next five years. As of this writing, BEP.UN trades at $42.99 per share and pays a 5.2% dividend. Current investors also enjoy a market-beating 20% year-to-date gain.
Ranked #2
Expect Hammond Power Solutions (TSX: HPS.A) to be at the front and centre of the AI infrastructure buildout. The $2.5 billion Canadian company is a key supplier for data centres globally. It manufactures custom dry-type transformers and low-voltage to medium-voltage transformers as well as power distribution unit (PDU) transformers.
The industrial stock is among Canada’s 30 top growth stocks over the last three years. Hammond ranked 1st, 3rd, and 13th in the TSX30 List in 2024, 2025, and 2026, respectively. HPS.A pays a modest 0.54% dividend, but has delivered enormous capital gains in three years (+174.6%). The current share price is $194.59, up 22.5% year-to-date.
Data centers account for over 30% of Hammond Power’s total global revenue. In Q3 2026 (three months ended September 26, 2026), sales and net earnings rose 104.4% and 58.8% to $446.3 million and $27.7 million, respectively, compared to Q3 2025. Its CEO, Adrian Thomas, said Hammond achieved record transformer shipments during the quarter and is well-positioned for continued growth.
Ranked #3
Capital Power Corporation (TSX: CPX) is also highly visible in the data centre value chain. The $10 billion company owns and operates utility-scale renewable and generation facilities. In July 2026, the Edmonton-based utility firm signed a 10-year term energy supply agreement (ESA) with Meta Platforms to supply 250 megawatts to its AI data centre in Sturgeon County, Alberta.
In an ESA, Capital Power supplies a fixed block of power and can convert existing generation into contracted, predictable revenue. So far in 2026, CPX has posted a plus-12% return, in line with the broader market. At $63.58 per share, the dividend offer is 4.36%.
Major tailwinds
AI and data centres are major tailwinds for Brookfield Renewable Partners, Hammond Power Solutions, and Capital Power. All three stocks are excellent choices for Canadian investors seeking to profit from the AI buildout.
