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MDATA: Magnora Data Center ASA acquires 50% stake in joint venture with Sunly to develop up to 400 MW data center in Risti
2026-09-16 07:45:10
16.9.2026 07:45:01 CEST | Magnora Data Center ASA | Inside information
Magnora Data Center ASA ("MDATA") has entered into an agreement with Sunly AS
("Sunly"), an integrated energy infrastructure company, to acquire a 50%
interest in the Risti Kampus data center project. The data center campus can be
connected to the power grid and to Sunly's adjacent energy park, featuring 244
MWp solar, 144 MW BESS and 44 MW wind in development.
Key features of the Risti project:
* Scale: 180 MW in phase 1, expandable to 400 MW
* Power access: Grid connection established plus direct connection to Sunly's
energy park
* Fiber: Latency under 5 milliseconds round-trip to Helsinki
* Partner: Sunly, a leading renewables developer with international
infrastructure investors backing
* Structure: 50/50 joint venture, with an MDATA option to increase to 75%
The data center property is in western Estonia, 60 km south of Tallinn and 150
km south of Helsinki. The site will connect to a substation with 180 MW of
capacity available today, with zoning and cable route rights being secured. An
expansion to 400 MW is planned, subject to substation upgrades. Fiber
connectivity is strong, with round-trip latency to Helsinki under 5
milliseconds. Risti lies on a high-speed fiber-optic route connecting Tallinn
and Helsinki directly to Europe's largest internet hubs in Frankfurt.
"We look forward to develop this powered land and data center project together
with local and regional stakeholders and with our local partner Sunly - which
has a strong track-record and is backed by leading European infrastructure
investors. The site has good access to renewable energy, strong connectivity,
and scalability. We expect time-efficient project development. This combination
matches well the demand from large-scale operators", says Erik Sneve, Chairman
at Magnora Data Center ASA.
"Risti hybrid park brings Sunly's strategy together in one place. The data
center site sits next to what will soon be the largest solar park in the
Baltics, where we are also building battery storage capacity and planning a wind
park. A large consumer like a data center ties all of this into a single
system", explains Priit Lepasepp, CEO of Sunly.
MDATA experiences Estonia being innovation-friendly, technologically advanced
and culturally close to its Nordic neighbours. The climate is comparable to
Helsinki, Stockholm, and Oslo which are all on approximately the same latitude
as Tallinn. Estonia has drawn substantial foreign investment into digital
infrastructure and technology and is a leading country regarding cyber security.
Global AI companies have recently entered, and The World Bank ranks Estonia 19th
of 216 countries on institutional quality. Further, the country is targeting
100% renewable-energy electricity consumption by 2030, supporting long-term
access to renewable power for the Risti campus.
Sunly has since 2019 developed 1,000 MW of renewable-energy capacity, now
operating or under construction. Beyond generation and storage, Sunly also sells
electricity and heat solutions to private and business customers, and trades
electricity on Nord Pool. Its investors include Mirova, the European Bank for
Reconstruction and Development (EBRD), Copenhagen Infrastructure Partners (CIP),
KLP, Vardar, EIB, mBank, and Rivage Investments. The company has around 200
employees and projects across wind, solar and BESS in Baltics and Poland.
Under the joint venture partnership, Sunly will continue to lead local
execution, permitting activities and energy-related development, while MDATA
will lead commercial strategy, positioning and customer engagement.
DISCLOSURE REGULATION
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
CONTACTS
* Erik Sneve, Chairman of the Board, Magnora Data Center ASA, es@magnoraasa.com
ABOUT MAGNORA DATA CENTER ASA
Magnora Data Center ASA is a developer of data center projects and owner of
selected data center operations, with presence in Northern Europe and Italy.
Established by Magnora ASA, the Company was spun off and listed separately in
June 2026, becoming the first pure-play data center share listed on a European
stock exchange. Magnora ASA owns 52.7% of the shares and provides management
services to Magnora Data Center, which then benefits from Magnora's development
track record and extensive network of industrial and financial partners.
The Group has a strong balance sheet, enabling it to secure strategic positions
and finance the development of projects through key milestones towards
investment decisions.
Magnora Data Center ASA is listed on Euronext Growth Oslo under the ticker
symbol MDATA.
ATTACHMENTS
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