Magnora Data Center, a data center firm listed on Euronext Growth Oslo, has entered into an agreement with energy infrastructure company Sunly AS to acquire a 50 percent interest in the Risti Kampus data center project in western Estonia, according to BeBeez International. Terms of the deal were not disclosed.
The Risti site sits about 60km south of Tallinn and 150km south of Helsinki. Magnora said the first phase of the development could total 180MW, with the project eventually reaching 400MW. The campus can connect both to the power grid and to an adjacent energy park that Sunly is developing at the site, which includes 244MWp of solar capacity, 144MW of battery storage, and 44MW of wind power currently in development. Magnora also holds an option to extend its stake in the joint venture to 75 percent.
"We look forward to develop this powered land and data center project together with local and regional stakeholders and with our local partner Sunly — which has a strong track record and is backed by leading European infrastructure investors. The site has good access to renewable energy, strong connectivity, and scalability," said Erik Sneve, chairman at Magnora Data Center ASA.
Sunly, founded in 2019, has roughly 1GW of renewable energy capacity operating or under construction, with investors including Mirova, the European Bank for Reconstruction and Development, Copenhagen Infrastructure Partners, KLP, Vardar, the European Investment Bank, mBank, and Rivage Investments. "The data center site sits next to what will soon be the largest solar park in the Baltics, where we are also building battery storage capacity and planning a wind park. A large consumer like a data center ties all of this into a single system," said Priit Lepasepp, CEO of Sunly.
Magnora was originally founded in 2001 and transitioned into a dedicated renewable energy investor in 2018, backing a number of wind, solar, and battery projects before taking its data center arm public earlier this year. The company currently has one facility live in Norway, with additional projects in development across Norway, Finland, and Italy.