Asp Data Center secures NOK 1.6bn bond to fuel Nordic expansion

Asp Data Center has secured NOK 1.6 billion (£117 million) through a fresh bond issuance, deploying the proceeds to refinance existing commitments and accelerate its data centre buildout across the Nordic countries.

The Norwegian operator plans to use the net proceeds chiefly to refinance outstanding fund commitments tied to its K11 facility in Stavanger, alongside an existing NOK 685 million (£54.4 million) bond.

Contracted backlog nears NOK 2bn

Asp has disclosed a contracted revenue pipeline approaching NOK 2 billion (£158 million), bolstered by a freshly inked deal with an undisclosed international customer for 6MW of computing capacity at K11.

We have a contracted revenue backlog approaching NOK 2 billion (£158 million), including the recently signed agreement with a leading international company for the delivery of 6 MW of IT capacity at the K11 data centre

Ole Fredrik Bergseth, Asp CEO

Bergseth attributed the strong investor appetite for the bond to confidence in the company's project pipeline, operational track record and reliable power access at its locations.

While much of the capital will service existing debt rather than fund entirely new expansion, the refinancing provides Asp with financial flexibility to pursue additional development at K11 and across its wider Nordic footprint.

Demand for high-quality, energy-efficient data centre capacity in the Nordics continues to grow, driven by international customers looking for scalable, sustainable sites

Ole Fredrik Bergseth

Asp's Nordic pipeline spans Norway and Finland

Asp operates two Western Norwegian sites with a minimum of 43MW of available and planned capacity, with longer-term expansion potential reaching approximately 100MW across both locations.

The company is also constructing a Finnish data centre where the initial phase targets 30MW, though the site could eventually accommodate more than 400MW through subsequent development phases.

The gap between near-term planned capacity and longer-term potential reflects the distinction between committed infrastructure and speculative future buildout. The Finnish project's 400MW-plus figure represents development potential rather than capacity currently under construction or contracted.

Arctic Securities and DNB Carnegie served as Global Coordinators and Joint Bookrunners for the NOK 1.6 billion bond offering, with Clarksons Securities joining as Joint Bookrunner.