The data center boom requires not only massive buildings but also electricity, backup systems, critical equipment, and maintenance teams capable of ensuring the continued operation of these core assets. This creates broad opportunities for Canadian investors beyond the traditional technology stock space. In this regard, two Toronto Stock Exchange (TSX) stocks deserve attention: Northland Power (TSX:NPI) and Finning International (TSX:FTT), both of which occupy important positions in the data center industry chain.
Northland Power owns and develops renewable energy, natural gas, offshore wind, and battery storage assets across multiple markets. The enormous electricity demand from data centers is consistently driving utilities, governments, and private enterprises to seek more stable power supplies. The company’s asset portfolio offers clear advantages: renewable energy assets can satisfy customers’ preferences for clean electricity, natural gas facilities can supplement supply when the grid requires flexible peak-load regulation, and battery storage projects are also critical for balancing the growing variability between renewable generation and demand.
Based on the latest results, Northland Power started 2026 on a strong footing. First-quarter revenue reached $775 million, up from $665 million in the same period last year; adjusted EBITDA rose from $361 million to $427 million; and free cash flow per share increased from $0.60 to $0.70.
On the dividend front, Northland Power currently pays a monthly dividend of $0.06 per share, representing an annualized dividend of $0.72, with a yield of approximately 3.2% based on the time of writing. The lower payout ratio gives the company greater room to finance projects, manage debt, and address construction needs. For income-focused investors, a dividend reduction is certainly unfavorable, but for long-term investors, this adjustment may help enhance the sustainability of the business.
Finning International’s angle of involvement is more indirect but equally compelling. As the world’s largest dealer of Caterpillar equipment, the company engages in the sale, rental, and after-sales service of heavy equipment (suitable for construction and mining) and power systems across Canada, South America, the United Kingdom, and Ireland. Data centers rely on dependable backup power and also require substantial construction, site preparation, and ongoing maintenance work. Finning can benefit through equipment sales, rentals, parts supply, engine and generator businesses, and repair and maintenance services, allowing it to share in the growth of related expenditures without needing to own data centers directly.
Recent financial results highlight Finning’s potential: quarterly revenue reached $2.5 billion, and adjusted earnings per share hit a first-quarter record of $1.02. As of the end of March, equipment order backlog reached a record $3.8 billion, up 20% from the end of 2025, providing high visibility into future demand.
Finning also raised its quarterly dividend by 7.4% to $0.33 per share, marking the company’s 25th consecutive year of dividend increases, with a current yield of 1.3%. This long-term track record fully reflects management confidence and the enduring nature of the product support business.
Northland Power and Finning International are not the first names that come to mind for most investors when discussing data centers, but that is precisely what makes them worth watching. The former helps secure power supply, while the latter provides the necessary equipment and backup systems. As data center expansion continues to drive spending growth, these two Canadian stocks stand to benefit from the physical infrastructure buildout behind the digital economy.
