EcoDataCenter raises $703m in debt financing

EcoDataCenter has secured €600 million ($703m) in debt financing from Deutsche Bank Private Credit and Infrastructure.

Announced by the data center developer on September 9, the funds will be used to develop AI data centers in Sweden.

“AI infrastructure is a new base industry, and we are building one of Europe’s most exciting companies in the sector. We are proud of the trust placed in us and look forward to continuing our journey toward becoming Europe’s leading player in high-performance data centers,” said Peter Michelson, CEO of EcoDataCenter.

Since 2023, EcoDataCenter – and its owner Areim – have secured €1.8 billion ($2.12bn) in financing.

“Our platform attracts partnerships with world-leading companies, and we have a proven ability to deliver the scale and flexibility our customers’ demand. The fact that we can attract financing of this magnitude is a testament to the strength of our business model and the confidence the market has in our team and strategy. Now it’s full speed ahead,” added Johan Rydmark, CFO of EcoDataCenter.

EcoDataCenter signed a deal in 2024 with CoreWeave to build one of Europe’s largest AI clusters in Falun. Following this, the company acquired the Kvarnsveden paper mill in Borlänge to develop additional data center capacity – up to 240MW. The debt financing will be primarily used to expand these sites.

The Falun data center first opened in 2019, with additional buildings added over the years. DCD visited the site in 2020. Currently, the data center campus offers 80MW of IT capacity, powered by renewable energy. DeepL deployed a Nvidia DGX SuperPOD at the site earlier this year.

In April 2025, EcoDataCenter sold three facilities in Sweden to CapMan Infra as part of a hyperscale pivot. Two of the data centers are located in Stockholm and one in Piteå.

Nordic real estate investor and developer Areim took a majority stake in the firm via the Areim Fund III for around SEK 200 million ($22m) in 2018 and merged it with Swedish operator Fortlax in 2019. EcoDataCenter has been fully owned by the Areim DC Fund since 2023.