Magnora Acquires Majority Stake in Major Finnish Data Center Development

Magnora Acquires Majority Stake in Major Finnish Data Center Development January 8, 2026 Norwegian renewable energy investment firm Magnora ASA has solidified its expansion into the Nordic digital infrastructure sector by acquiring a 70 percent majority stake in a planned large-scale data center project in Hämeenlinna, Finland. The move underscores the intensifying competition for strategic data center locations in the Nordics, a region prized for its abundant renewable energy, cool climate, and political stability. The transaction, announced this week, sees Magnora take over the lead role from the original developer, the Norwegian-Baltic energy infrastructure company Northern Europe Energy Group (NEEG). The two parties have formed a joint venture for the project, with NEEG retaining a 30 percent ownership stake. The facility is planned for the MORE Industrial Park, a 700-hectare site located approximately 100 kilometers north of Helsinki. The project represents a significant addition to Finland's growing data center landscape. Designed to eventually deliver up to 120 megawatts (MW) of IT capacity, the campus will span approximately 150,000 square meters (1.61 million square feet). Development is ongoing, with the project expected to reach a ready-to-build stage by the end of 2026. Tor Arne Pedersen, Chairman of Northern Europe Energy Group, highlighted the strategic rationale behind the partnership. "Magnora’s financial strength, industrial experience, and market insight, combined with strong municipal support and our local expertise, provide a solid foundation for delivering an attractive, large-scale data center project," he stated. Local officials also welcomed the investment. Ari Räsänen, director of relocation services at the city’s Linna Business Development Ltd., said the project represents "a significant step forward in advancing technological development, economic growth, and sustainable development in our community." For Magnora, this investment marks a rapid acceleration of its data center strategy. The firm, which transitioned to a dedicated renewable energy investor in 2018, recently acquired a majority stake in Norwegian data center operator Storespeed and announced a separate 100MW project in Kristiansund, Norway, in December 2025. The Hämeenlinna project aligns with the broader industry trend of capital flowing into Finland. The Finnish Data Center Association estimates the country's live data center capacity will surge from 285MW in 2025 to 1.5 gigawatts by 2030, driven by demand for sustainable computing infrastructure. Source: datacenterdynamics