Lefdal Mine Datacenter secure funding agreement with UBS Asset Management to finance facility expansion.
Lefdal / London, May 31st, 2021 – Lefdal Mine Datacenter (LMD) has secured funding to expand its facility to meet growing customer needs. The 5-year financing arrangement with UBS Asset Management’s Infrastructure Debt Platform, totalling EUR 50m, will support the expansion of the data center beyond the existing 20MW capacity.
LMD offers 120,000 m2 whitespace inside mountain halls across three levels in a former mine. Construction cost-per-MW is 30-50% lower than the industry standard, as well as providing leading natural security due to the mine’s infrastructure. Norway’s access to renewable power, low energy cost, favorable climate and developed infrastructure, as well as positive government policy, mean the country is regarded as one as one of the most attractive European locations for the development of data centers.
Jørn Skaane, CEO Lefdal Mine Datacenter, commented:
“We are pleased with the completion of this credit facility, which strengthens LMD’s financial position. This improves our ability to benefit from increased market demand and invest in growth opportunities in the years to come. We look forward to a good and long-term relationship with UBS Asset Management.”
Alessandro Merlo, Head of Investment, Infrastructure Debt at UBS-AM REPM, commented:
“Data centers are an attractive investment opportunity, which have further proved their importance and vital role for businesses during the pandemic crisis. We’re pleased to have worked with LMD to finance the unique development of this unique data center location. This transaction is the first investment for IDP in Norway and the third in the wider Nordic region – an important market for the platform. We are pleased to also support one of the greenest data centers in Europe with very limited environmental footprint and CO2 emissions, in line with our commitment to responsible investing in real assets.”
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ABOUT LEFDAL MINE DATACENTER
LMD is located in Norway and is owned by the Columbia Threadneedle European Sustainable Infrastructure Fund (ESIF), a mid-market infrastructure fund, and German Edge Cloud GmbH & CO KG, part of Friedhelm Loh Group, a German industrial conglomerate. The data center has a potential of 120.000 m2 of net whitespace and 200+ MW DC capacity. With 10 MW capacity already installed, LMD is one of the leading data centers in the Nordics. The mountain hall facility sets a new standard for the data center industry. LMD is unprecedented in terms of cost effectiveness, security, and flexibility. The large space, combined with modular design enables a unique time to market, and the combination of cheap and renewable power leads to predictable, low cost for customers.
ABOUT UBS ASSET MANAGEMENT
UBS Asset Management is a large-scale asset manager with a presence in 23 markets. It offers investment capabilities and investment styles across all major traditional and alternative asset classes to institutions, wholesale intermediaries and wealth management clients around the world. It is a leading fund house in Europe, the largest mutual fund manager in Switzerland, the second largest fund of hedge funds manager and one of the largest real estate investment managers in the world.
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CEO – Lefdal Mine Datacenter AS
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