Magnora Secures Land for New 100MW Data Center Project in Northwestern Norway
February 11, 2026
Norwegian renewable energy investment firm Magnora ASA has acquired a strategic land parcel in northwestern Norway for the development of a new 100-megawatt (MW) data center, marking another significant step in the company's expansion into the digital infrastructure sector. The move underscores the growing attractiveness of the Nordics, with its abundant renewable energy resources and cool climate, for power-intensive data center developments.
The company announced this week that it secured what it described as "attractive land" adjacent to a substation and in close proximity to three 420-kilovolt power lines, ensuring robust grid connectivity for the planned facility. Magnora is developing the project in collaboration with Norwegian property developer Finansgruppen Eiendom and Anders H. Schau. Under the agreement, Magnora will initially hold a 60 percent stake in the development venture, with an option to increase its ownership as the project progresses.
Erik Sneve, CEO of Magnora, highlighted the strategic rationale behind the deal, stating, "The project is a great addition to our portfolio, and it also proves the strengths of a collaborative business model." He added, "A succession of municipalities and property developers have approached Magnora with high-quality opportunities. Our ability to operate data centers, engage with customers, and guide the development of energy-related assets has proven to be highly attractive."
This latest land acquisition is part of Magnora's aggressive push into the data center market. The firm, which transitioned from a general investment company to a dedicated renewable energy investor in 2018, recently acquired a majority stake in Norwegian data center operator Storespeed, which operates a 1MW facility with potential to scale to 5MW. Furthermore, the company has commenced work on a separate 100MW project in Kristiansund, Norway, and holds plans for a 120MW facility in Hämeenlinna, Finland, signaling a multi-gigawatt pipeline across the region.
The development aligns with broader industry trends where investors with expertise in green energy are increasingly capitalizing on the synergy between sustainable power generation and the data center industry's demand for large, reliable, and environmentally conscious electricity supply. Magnora's latest project reinforces Norway's position as a key emerging hub for sustainable digital infrastructure in Europe.
Source: datacenterdynamics
