Investment firm Vesper Infrastructure has acquired a Norwegian data center company.

Vesper Next Generation Infrastructure Fund I SCSp announced this week it had invested in Terakraft, becoming the majority shareholder.

Terms of the deal were not disclosed.

Established in 2021 and based in Sauda, Terakraft operates a data center that will offer 10MW of capacity following a “comprehensive refurbishment” and upgrade program. The facility will utilize liquid cooling (rear door and direct-to-chip) and offer densities up to 140kW.

Vesper said the company has expansion potential up to an additional 60MW to be installed near the existing data center.

Alfredo Maria De Falco, founder and executive chairman at Vesper Infrastructure Partners, said: “We are excited to partner with Terakraft’s management. This investment represents our deep commitment to supporting the rapidly evolving AI landscape, building a more sustainable and secure European Infrastructure. The unique features presented by Terakraft, in combination with Norway’s favorable energy environment, creates a compelling value proposition for clients requiring HPC computing capabilities.”

Terakraft operates a data center at a former hydropower plant from 1919, located outside Hellandsbygd. The site was decommissioned in 2008, with Terakraft acquiring the site in 2021.

Giorgio Sbriglia, CEO of Terakraft, added: “With Vesper’s backing, we will transform our data center into Europe’s flagship Green AI Factory — a campus purpose-built for AI computing, where kilowatt-hours are converted into compute tokens. Terakraft stands ready to help clients harness the power of water to generate intelligence, advancing the European Union’s dual ambitions of digital sovereignty and climate leadership.”

Established in 2023, Vesper is a specialized infrastructure advisor. Its Fund I is a closed-end alternative investment fund based in Luxembourg and managed by FundRock, dedicated to investing in renewable energy, data centers, and other sustainability-centric infrastructure.

The company recently acquired French data center firm Thésée DataCenter.

“The demand for specialized AI infrastructure continues to accelerate globally, and this investment represents a clear commitment of Vesper to finance the creation of next-generation infrastructure assets for the European economy. Furthermore, the investment is a clear testament of Vesper’s capabilities in sourcing attractive off-market value-add opportunities,” said Livio Fenati, founder and managing partner at Vesper Infrastructure Partners.