A Norwegian data center company with crypto industry DNA just broke records in the Nordic bond market. PolarDC closed an €800 million ($930 million) senior secured bond deal in late May, making it the largest high-yield issuance the Nordic market has ever seen.
The proceeds will fund construction of two new AI and high-performance computing data centers in Norway, while also refinancing existing debt.
From crypto roots to AI infrastructure
PolarDC was launched in 2024 by the Lian Group, which has direct exposure to the crypto industry through investments in Bitfury and previous cryptomining activities.
H.I.G. Infrastructure acquired a controlling stake in PolarDC in 2024 and has invested €146 million to date, with an additional €97 million in committed equity alongside the bond issuance. The company’s CEO, Andy Hayes, called the financing “a pivotal moment” that will allow PolarDC to scale into one of Europe’s leading data center platforms.
