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MGN: Magnora ASA's subsidiary Magnora Data Center ASA acquires 50% stake in joint venture to develop up to 400 MW data center in Risti
2026-09-16 07:45:08
16.9.2026 07:45:02 CEST | Magnora ASA | Non-regulatory press releases
The separately listed subsidiary of which Magnora ASA owns 52.7%, Magnora Data
Center ASA ("MDATA"), has entered into an agreement to acquire a 50% interest in
the Risti Kampus data center project. The joint venture partner is the
integrated energy infrastructure company Sunly AS ("Sunly"). 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.
MDATA 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 on Euronext Growth Oslo 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. MDATA has a strong balance
sheet, enabling it to secure strategic positions and finance the development of
projects through key milestones towards investment decisions.
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.
CONTACTS
* Erik Sneve, CEO, email: es at magnoraasa.com
ABOUT MAGNORA ASA
Magnora ASA (OSE: MGN) is a developer of data center, wind, solar, and battery
projects, as well as a data center operator. Magnora has operations in Europe
and Africa through the portfolio companies Magnora Data Center ASA, Helios
Magnora Sol AS, Magnora Offshore Wind AS, Magnora Germany, Magnora Italy Srl.,
Magnora Solar PV UK, Magnora South Africa, and AGV. Magnora also has earn-out
revenues related to the former portfolio companies Helios Nordic Energy and
Evolar. Magnora is listed on the main list of the Oslo Stock Exchange under the
ticker MGN.
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