Pranav Hotkar
Oslo, Norway - March 11, 2026 - UK infrastructure investor 3i Infrastructure has agreed to invest approximately EUR 300 million (~USD 327 million) to acquire a majority stake in Lefdal Mine Datacenter, one of Europe’s largest underground data-center campuses.
The stake is being acquired from a fund managed by Columbia Threadneedle Investments, whose largest investor will reinvest alongside 3i in the facility. The transaction is expected to close in the summer of 2026, subject to customary regulatory approvals.
Located on Norway’s west coast near the town of Nordfjordeid, Lefdal Mine Datacenter is built inside a repurposed olivine mine, offering large underground halls designed for high-density computing infrastructure. The campus currently has 37 megawatts (MW) of operational capacity, with an additional 43 MW under construction and long-term expansion potential of up to 200 MW.
The underground design allows the facility to benefit from natural thermal stability and seawater-based cooling, which significantly reduces energy consumption compared with traditional data-center cooling systems. The site also takes advantage of Norway’s abundant renewable energy supply, largely derived from hydropower, making it attractive for cloud providers and enterprises seeking lower-carbon digital infrastructure.
The Lefdal campus spans as much as 120,000 square meters of underground space, enabling large-scale expansion as demand for artificial-intelligence and high-performance computing infrastructure continues to rise across Europe.
According to the companies involved, the facility operates under long-term customer contracts that are typically indexed to inflation, providing predictable revenue streams. Data-center customers also tend to deploy customized hardware and infrastructure, which creates high switching costs and long-term client relationships.
For 3i Infrastructure, the acquisition represents its entry into the rapidly growing data center sector, expanding the firm’s portfolio beyond areas such as energy, fiber networks, and transportation infrastructure.
The broader investment package is expected to total around €400 million, including associated renewable-energy assets that support the data-center campus.
The deal reflects increasing investor interest in Nordic digital infrastructure, where abundant renewable power, cooler climates, and large available land areas are attracting hyperscale operators and institutional capital.
As demand for AI computing capacity accelerates globally, facilities such as Lefdal Mine Datacenter are becoming strategically important assets, providing scalable infrastructure with access to sustainable energy sources.
