Polar Data Centres, a European high-performance data center developer, has raised €800 million (US$ 930 million) expansion through a senior secured bond offering in its largest Nordic bond deal to fund data centers designed for AI infrastructure, high-performance computing (HPC), hyperscale, and cloud workloads.
The financing will refinance existing debt and fund the development of new AI-ready data centers across Europe, including facilities scheduled for full operation in 2026 and 2027. The offering drew strong interest from institutional investors worldwide, with demand reaching four times the size of the deal during book building. The oversubscription enabled Polar to increase the issuance from €750 million (US$ 872 million) to €800 million while tightening pricing as detailed in a company press release.
Andy Hayes, CEO Polar Data Centres, said, “This transaction represents a major milestone for Polar and reflects the scale, quality, and strategic positioning of the platform, the strong support from global institutional investors underscores continued confidence in AI infrastructure as a critical asset class and in our ability to deliver highly efficient, large-scale capacity to leading AI and cloud compute customers.”
A portion of the proceeds will be used to refinance debt at Polar’s primary Drangedal campus and support the construction of HER01 in Herøya, Norway, the newest addition to the company’s portfolio. The facility will deliver an initial 40 MW of capacity powered entirely by renewable hydroelectric energy and is designed to achieve a power usage effectiveness (PUE) rating of 1.12.
According to Mordor Intelligence’s report, Norway’s data center installed base is projected to grow from 0.43 thousand MW in 2025 to 0.52 thousand MW in 2026 and reach 1.36 thousand MW by 2031, reflecting a 21.06 percent CAGR from 2026–2031. This expansion is driven by Norway’s near-zero-carbon electricity mix, sub-Arctic climate, and improving fiber infrastructure, which are attracting hyperscalers and enterprise workloads away from congested continental hubs.