Transaction is the largest of its kind in the Nordic bond market
Polar Data Centres (“Polar”), a leading European developer, owner and operator of AI-ready data centre infrastructure, today announced the successful placement of an €800 million senior secured bond issuance, marking the largest transaction of its kind in the Nordic bond market.
This transaction represents a major milestone for Polar and reflects the scale, quality, and strategic positioning of the platform.”
— Andy Hayes CEO
The financing represents a major milestone in Polar’s growth strategy. It provides substantial capital to support the continued expansion of its European platform of data centres designed for artificial intelligence (AI), high-performance computing (HPC), hyperscale, and cloud workloads.
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The proceeds from the bond issue will be used to r******** existing debt at Polar’s flagship Drangedal campus in Norway and support the completion of additional facilities scheduled to come online in 2026 and 2027. Among these developments is HER01 in Herøya, Norway, the latest addition to Polar’s growing portfolio of AI-ready data centres. The facility will deliver an initial 40MW of capacity powered entirely by renewable hydroelectric energy and is designed to achieve exceptional efficiency, targeting a Power Usage Effectiveness (PUE) of 1.12.
The transaction attracted strong interest from institutional investors globally. During the bookbuild process, investor demand topped out at 4 x over subscription, enabling the issue size to increase from €750 million to €800 million while pricing tightened.
Andy Hayes, CEO of Polar, said:
“This transaction represents a major milestone for Polar and reflects the scale, quality, and strategic positioning of the platform,” said Andy Hayes, CEO. “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.”
Guided by its mission of Accelerating Infrastructure, Polar combines advanced engineering, modular delivery methodologies and sustainable design principles to provide next-generation digital infrastructure for the future of AI. Polar’s facilities are designed for high-density deployments, direct liquid cooling and industry-leading energy efficiency.
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