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Norway Data Center Deal: $4.7B AI Powerhouse Leased
6 Aug
Summary
- Bitdeer signed a 16-year lease in Norway for 121 IT MW.
- The contract with Volta Tydal AS has potential value up to $8 billion.
- The capacity will be configured for NVIDIA GPUs for an AI lab.
Bitdeer Technologies Group has entered into a 16-year colocation lease for 121 IT MW at its Tydal campus in Norway. The agreement with Volta Tydal AS includes approximately $4.7 billion in contracted payments, with a 3% annual escalator on the base rate. The electricity will be reimbursed by the tenant under a modified-gross structure.
An eight-year renewal option could increase the total contract value to approximately $8 billion over 24 years. Volta has a no-fee termination right after 10 years. The obligations are expected to be backed by about $1.3 billion of credit support. Bitdeer estimates approximately $500 million of remaining capital expenditure for the project.
Phase one of the 121 MW critical IT load is targeted to start on December 31, 2026, with phase two to follow on March 31, 2027. The entire contracted capacity will be configured for NVIDIA GPUs, serving an unidentified leading AI lab, with Dell Technologies acting as the technology provider. The site is designed for an estimated PUE of 1.1 and will use renewable power.
