January 31, 2023

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Big bets on data centers in Norway

Cheap Norwegian electricity and growth in the industry has prompted the Azrieli Group to invest in data centers in Norway.

The company has now completed its third data center on the Anibek website. The building has already been booked for several clients and the first client will move in in January, according to it Real estate news who mentioned it for the first time.

The new data center measures 10,000 square meters and has room for more customers, according to Estate.

The construction cost is not yet known, but according to the property, the first building in Enebakk cost NOK 420 million.

Elleville increase in value

Before the Azrieli Group took ownership of Green Mountain, the data centers were owned by the Smedvig Group. The Smedvig Group saw a sharp rise in value during the time they owned Green Mountain and the data centers.

Last summer, Azrieli Group spent $7.6 billion securing equity in Green Mountain with data centers in Rennesøy, Rjukan and Enebakk. It was more than ten times what the Smedvig Group acquired collectively for its data centers.

The capacity will increase more

The Azrieli Group believes in greater growth and returns from investment in data centers.

The plan is to expand to its full capacity of 93 megawatts to meet strong demand.

– We continue to see strong demand, so naturally we will develop further. We have good conditions here when it comes to electricity, fiber, a capital location and an airport,” said Tor Kristian Gyland, managing director at Green Mountain to Estate.

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