Green Mountain signs up to EUR 1 bn loan for 80 MW Norwegian data centre campus

A subsidiary of Norwegian data centre operator Green Mountain has signed a construction financing agreement of up to EUR 1.007 billion with a foreign bank for an 80 MW data centre campus in Norway, according to Bizportal, which reported on an announcement by Green Mountain's owner, Israel's Azrieli Group, on 15 October. The bank was not named.

The construction facility can fund up to 85 per cent of recognised construction costs, subject to conditions. It carries interest at EURIBOR plus 2 to 3 per cent and runs for up to seven years. Separate facilities cover working capital, VAT and customer-ordered adjustments that the customer is expected to reimburse. Once the first drawdown conditions are met, Azrieli expects to recover about EUR 260 million of excess equity already invested.

The campus is being built for an unnamed international technology company under an agreement signed on 29 December 2025. Azrieli's announcement at the time put construction costs at about EUR 1 billion, excluding financing costs, and expected average annual net operating income at about EUR 117 million at full capacity. Each phase carries a 15-year service term from delivery, and the customer can extend by up to 15 years in total.

The financing comes two days after a schedule change. Customer-requested specification changes are expected to push the first 20 MW back by 16 weeks, from the end of March to July 2027, and the next 20 MW by a further 12 weeks, Bizportal reported on 13 October. The extensions still depend on an amendment to the customer agreement.

Azrieli has not named the site in its announcements, but on its August earnings call it described Undheim as the 80 MW facility it is developing in Norway, according to an Investing.com transcript. Green Mountain says SVG-Undheim, in Time municipality about 40 km from Stavanger, will have two buildings with 80 MW of IT capacity for a single international customer, with DC Nordics as main contractor and full completion scheduled for 2028.

For Nordic contractors and suppliers, the agreement removes part of the funding uncertainty around a large campus already under construction, although drawing the full facility still depends on meeting its conditions. The next steps are the first drawdown, the amendment with the customer and delivery of the first 20 MW, now expected in July 2027.

Source: Bizportal (15 October), Bizportal (13 October), Azrieli Group, Investing.com, Green Mountain

This article was written with AI assistance and reviewed by the SDC-Platform editorial team before publication.