Bitdeer Signs $4.7 Billion, 16-Year AI Data Center Lease for Norway Campus

Bitdeer AI, a division of Bitdeer Technologies Group (NASDAQ: BTDR), has executed a landmark 16-year colocation lease and services agreement for its Tydal campus in Norway, securing approximately $4.7 billion in contracted revenue. The deal, announced Monday, marks one of the largest AI infrastructure agreements in Europe and underscores the accelerating demand for purpose-built AI computing capacity powered by renewable energy.

The agreement, signed through Bitdeer's subsidiary Tydal Data Center AS with Volta Tydal AS, a subsidiary of NVIDIA Cloud Partner Volta, covers the delivery of 121 IT megawatts (MW) supported by an estimated 133 gross MW at the Tydal facility. The end customer is a leading AI lab, with Dell Technologies serving as the technology provider and the entire capacity configured to run NVIDIA GPUs. The initial 16-year base term carries an average payment of approximately $202 per kilowatt per month under a modified gross lease structure, with electricity costs reimbursed by the tenant on a pass-through basis. A one-time 8-year renewal option could expand the total contract value to roughly $8.0 billion over 24 years.

To backstop the tenant's obligations, affiliates of J.P. Morgan and another top-tier global financial institution are anticipated to arrange letters of credit totaling approximately $1.3 billion, subject to customary conditions. The financial structure reflects the growing role of institutional capital in de-risking long-term AI infrastructure commitments.

Once completed, the Tydal facility is expected to rank among Norway's largest and most efficient AI data centers, operating with a power usage effectiveness (PUE) of approximately 1.1 and running entirely on renewable energy, drawing on dual grid connectivity and local hydropower. "Tydal Data Center combines one of Norway's strongest energy locations with the world's most advanced AI infrastructure," said Haakon Bryhni, Chairman of Tydal Data Center AS. "Our ambition is to establish Norway as a leading destination for sustainable AI computing."

Michael G. Potter, Chief Financial Officer of Bitdeer Technologies, called the agreement "a key milestone in Bitdeer's evolution as a global AI infrastructure platform," noting the project will incorporate leading-edge NVIDIA GPU technology and frontier models from a leading AI lab into a facility powered exclusively by carbon-free energy sources. Bitdeer has operated in Norway since 2018.

Ricard Boada, Co-Founder and CEO of Volta, framed the partnership as a template for the next generation of compute infrastructure. "Compute is becoming the defining infrastructure asset class of our generation," he said. "By combining Bitdeer's exceptional data centre platform with Volta's capital formation capabilities and relationships across the AI ecosystem, we are creating one of Europe's largest AI factories."

The transaction highlights a broader industry trend: hyperscale AI workloads are pushing developers toward northern Europe, where renewable power, favorable climates, and grid stability support the extreme density and energy demands of GPU clusters. The Tydal project also demonstrates how AI data center developers are increasingly pairing long-term leases with sophisticated credit enhancements to attract institutional financing, a model likely to be replicated as AI capacity buildouts accelerate across the region.