Norwegian renewable investment firm Magnora has entered the data center market with the acquisition of Norwegian data center developer Storespeed.

Magnora acquired a 75 percent stake in the company in partnership with Blix Solutions, a data center developer based in Norway, which nabbed a five percent stake. The existing shareholders will retain the remaining 20 percent. The acquisition amount was not disclosed.

The investments include a limited financing facility to support Storespeed’s sales, marketing, and project development activities.

Storespeed is a small-scale colocation developer, operating a single colo facility in Halden, Norway, with an installed capacity of approximately 1MW. According to the company, it has the potential to scale up to 5MW. The company has four data centers in development, totaling 45MW of planned capacity with the potential to scale to more than 150MW.

“Local data center operators such as Storespeed play a critical role in providing redundancy, sovereign cloud capabilities, and local physical presence, enabling secure, low-latency alternatives to global cloud providers,” said Erling Magnus Solheim, head of data center Magnora, Norway.

Storespeed’s founder, John Amundsen, said that the acquisition would provide Magnora with “substantial operational leverage at a relatively low cost, enabling participation in the current and future growth of the data center and AI markets.”

According to Magnora, following the acquisition, it will maintain its asset-light strategy within the data center sector, focusing on selling projects at or before the ready-to-build stage.

“The transaction strengthens Magnora’s position as a developer of data center-ready properties and supports collaboration with landowners, partners, and customers. The business provides strong synergies with Magnora’s existing portfolio of land assets suited for both green electrification and data center development. Magnora’s expertise in real estate, site development, environmental permitting, grid connection, and project execution will be key to advancing its ambitions in this sector. Storespeed represents a strategic step in Magnora’s evolution as a data center developer,” said Magnora CEO Erik Sneve.

According to Data Center Map, Norway has 85 data centers across 36 different operators. Major operators in the region include Green Mountain, Bulk Infrastructure, Lefdal Mine Datacenter, and Stack Infrastructure.

Magnora was initially founded in 2001 and transitioned into a dedicated renewable energy investor in 2018. In 2021, the company ramped up its renewable investments, establishing Magnora Offshore Wind through a joint venture and acquiring a stake in Helios Nordic Energy, a solar developer. As of March 2025, the company has a renewable energy portfolio of assets in development and operation of more than 5GW of solar, wind, and battery energy storage.