A colossal data center partnership has materialized in Norway, carrying a staggering $4.7 billion price tag over its initial term. Singapore’s Bitdeer Technologies locked in a 16-year colocation and services deal with Volta Tydal AS, a unit of AI infrastructure firm Volta, to energize 121 IT megawatts at the Tydal campus.
The announcement lands at a moment when global demand for AI computing power continues to outstrip available infrastructure. Carbon-free energy sourcing has become a non-negotiable requirement for hyperscale tenants. This agreement fuses those two priorities inside a single Nordic facility.
Under the modified gross lease structure, the tenant pays roughly $202 per kilowatt each month and reimburses electricity costs separately. Annual escalators of 3 percent apply to both the lease and service components. Net operating income margins for Bitdeer could hover around 90 percent, with projected average yearly revenue reaching $2.4 million per IT megawatt.
Construction splits evenly across two phases encompassing four data halls. The first phase targets completion by December 31, 2026, while the second follows three months later on March 31, 2027. Bitdeer’s subsidiary, Tydal Data Center AS, will execute the buildout. The company also plans two additional halls totaling 47 gross megawatts for future AI and high-performance computing workloads, which would arrive in late 2027 and push the full campus toward its 180 gross megawatt ceiling.
Remaining capital expenditure sits near $500 million, roughly $4 million per IT megawatt. An 8-year renewal option could stretch the partnership to 24 years, lifting the total potential contract value to approximately $8.0 billion.
Bitdeer CFO Michael G. Potter confirmed the site will run exclusively on carbon-free power and host NVIDIA GPU technology alongside frontier models from a top AI lab. Volta CEO Ricard Boada framed the collaboration as a fusion of Bitdeer’s data center platform with Volta’s capital formation expertise, a combination designed to create one of Europe’s largest AI factories.
The buildout now enters a critical execution window. As power constraints tighten across traditional data center hubs, this Norwegian campus signals where the next wave of AI infrastructure may take shape.
