Asp Data Center raises NOK 1.6bn as Nordic expansion continues

Asp Data Center has raised NOK 1.6 billion (£117 million) in new bond capital to refinance existing investments and support the continued expansion of its Nordic data centre portfolio.

The Norwegian operator said the net proceeds will primarily refinance outstanding fund investments in its K11 data centre in Stavanger, alongside an existing NOK 685 million (£54.4 million) bond.

The financing comes as Asp reports a contracted revenue backlog approaching NOK 2 billion (£158 million), supported by a recently signed agreement with an unnamed international company for 6MW of IT capacity at K11.

K11 Backlog Approaches NOK 2bn

Asp CEO Ole Fredrik Bergseth said the response to the bond issue reflected investor interest in the company’s development pipeline.

“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,” said Bergseth.

He added that Asp’s project history, operational record and access to power at its sites had helped position the company for international customers.

The NOK 1.6 billion (£117 million) raise should not be treated entirely as new expansion capital. With proceeds primarily being used to refinance existing K11 investments and the NOK 685 million (£54.4 million) bond, the transaction also reshapes the financing behind Asp’s existing portfolio.

However, the company said the funding provides a financial base for further development at K11 and elsewhere in its Nordic portfolio.

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

According to Bergseth, this financing round gives Asp the financial footing to keep expanding K11 and the wider portfolio.

Asp Builds Nordic Capacity Pipeline

Asp’s existing portfolio includes two sites in Western Norway with a minimum of 43MW of available and planned capacity.

The company puts the longer-term expansion potential of those sites at approximately 100MW.

Asp is also developing a site in Finland, where 30MW is planned for the first phase. The company said the site has the potential to exceed 400MW through further development.

The difference between planned and potential capacity is significant. The Finnish project’s 400MW-plus figure represents its longer-term development potential rather than capacity currently committed or under construction.

Together, the projects give Asp a development pipeline extending beyond its current Norwegian footprint as it looks to attract international demand for Nordic data centre capacity.

Arctic Securities and DNB Carnegie acted as Global Coordinators and Joint Bookrunners for the NOK 1.6 billion bond issue, while Clarksons Securities acted as Joint Bookrunner.

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