Overview

Lefdal Mine Datacenter (‘LMD’) is a large-scale underground data centre campus on Norway’s west coast. Developed within a former mine, the facility benefits from structurally lower capex and an ability to provide customers with access to low-cost hydroelectric power through a unique fjord-based cooling system, delivering industry-leading energy efficiency.

LMD provides secure, dedicated capacity to customers for high performance, data intensive workloads. This is supported by long-term, availability-based contracts and significant expansion potential within its existing infrastructure.

Investment rationale

This deal has been signed, but is subject to completion (expected in summer 2026). 

On 11 March, 3i Infrastructure plc announced it has agreed to invest c.€300m to acquire a majority stake in LMD, a high-quality Norwegian HPC-focused data centre campus

• Unique, scalable, energy-efficient data centre platform in a high-growth market
• Well-positioned to capture growing demand from high-performance and data-intensive workloads, driven by digitalisation and increasing compute intensity across customer segments
• Benefits from structurally lower capex costs and the ability to offer customers low-cost renewable hydro power and highly efficient cooling infrastructure, supporting attractive unit economics
• Provides customers with mission-critical infrastructure under long-term, availability-based contracts, delivering high revenue visibility and resilience
• Scalable campus with significant expansion capacity within existing site, enabling growth alongside increasing customer demand in an attractive Nordic data centre market