Nordic AI data center developer Polar DC has raised a €800 million ($932.2m) senior secured bond in the Nordic bond market.
Render of Polar DC's development in Drangedal – Polar DC | Drangedal Commune
The developer, which is owned by alternative investment firm H.I.G. Capital, will use the bond proceeds to refinance its existing debt on its first data center in Drangedal, Norway, and complete construction of two additional facilities in 2026 and 2027.
According to H.I.G. Capital, the transaction is a “new record” for deal size in the Nordic market.
"This financing represents a pivotal moment as Polar scales to represent one of Europe's leading data center platforms, building infrastructure ready for AI and high-performance compute workloads,” said Andy Hayes, CEO at Polar DC. “We continue to see significant demand growth across neocloud, hyperscale, and enterprise customers for Polar's purpose-built facilities, and we look forward to further enhancing the robust partnerships we have built with the industry's leading customers, suppliers, and future sites."
