Magnora has secured attractive land for a new 100 MW data center development project

The site is situated in the northwestern part of Norway, where three 420 kV power lines that form the backbone of the central grid will convene to form a strongpoint. The site is adjacent to the relevant substation and benefits from a welcoming business environment: a supportive local government with a keen interest in securing new business and an established approach to rezoning. The location also offers synergies with other Magnora initiatives in the region.

Magnora works in concert with Finansgruppen Eiendom and Anders H. Schau whose track record, collaborative approach and local knowledge have been essential in securing backing for the project. Magnora will hold 60 per cent of the shares with an option to increase further as the project matures.

“The project is a great addition to our portfolio, and it also proves the strengths of a collaborative business model,” says Erik Sneve, CEO of Magnora. “A succession of municipalities and property developers have approached Magnora with high quality opportunities. Our ability to operate data centers, engage with customers, and guide the development of energy related assets has proven to be highly attractive.”