Asp Data Center Raises NOK1.6bn in Bonds to Fund Stavanger Data Center Expansion

Asp Data Center has raised NOK1.6 billion ($169.7 million) through a bond issuance to finance its data center project in Stavanger, Norway, marking a significant step in the company's efforts to scale its Nordic infrastructure portfolio amid surging demand for sustainable computing capacity.

The proceeds will be used to fund investments in the company's K11 data center and to refinance an existing NOK685 million ($72.6 million) bond. The refinancing follows an earlier NOK615 million bond announced in 2025, as Asp Data Center consolidates its capital structure to support an expanding development pipeline.

Ole Fredrik Bergseth, CEO of Asp Data Center, said the company has a contracted revenue backlog approaching NOK2 billion ($212.2 million), including a recently signed agreement with a leading international company for the delivery of 6MW of IT capacity at the K11 facility. He noted that the strong investor interest in the bond issue reflects the attractiveness of the company's pipeline and the business it is building, adding that investors recognize Asp Data Center as an attractive partner for international customers, supported by its solid project history, reliable operational track record, and strategically located sites with secured access to power.

Asp Data Center was established in 2022 by ASP Eiendom AS, a Norwegian property enterprise operating since 2008. The company's portfolio includes two sites in Western Norway with a minimum of 43MW of available and planned capacity, alongside long-term expansion potential of approximately 100MW. In addition, Asp Data Center is developing a site in Finland, with 30MW planned in the first phase and the potential to exceed 400MW through further development.

Bergseth added that demand for high-quality, energy-efficient data center capacity in the Nordics continues to grow, driven by international customers seeking scalable, sustainable sites, and that this financing round provides the financial footing to keep expanding K11 and the wider portfolio.

The bond issuance underscores the growing appetite among investors for Nordic data center assets, as the region's abundant renewable energy resources and cool climate make it an increasingly attractive location for hyperscale and enterprise deployments. Asp Data Center's ability to secure long-term financing at scale positions it to compete for international workloads at a time when power availability has become a defining constraint on data center growth across Europe.