Bulk Infrastructure has secured new debt to fund the build-out of its data center campus in Kristiansand, Norway.

The company has successfully closed a €410 million ($472.1m) senior secured loan to support the continued development of its N01 data center campus in the Vennesla municipality.

“Bulk continues our industrial growth journey as a leading Nordic digital infrastructure company. This financing marks a significant milestone for our robust platform to meet fast-growing customer demand for AI training and inference,” said Jon Gravråk, CEO, Bulk Infrastructure.

The new financing is secured against selected assets within the first phase of the N01 site, and the proceeds will be used for continued expansion at the site and refinancing existing debt.

“The transaction attracted strong interest from both Nordic and international lenders throughout the process. The outcome reflects the solid fundamentals of both Bulk and the N01 Data Center Campus and the trust we have built across financial institutions,” added Gaute Krekling, CFO of Bulk Infrastructure.

Bulk is a Norwegian data center operator. The N01 data center campus is located on a three-square-km site next to a transformer station just outside of Kristiansand in the Agder region. Bulk has 400MW of power secured at the site, with expansion possible up to 1GW.

Construction on N01 first began back in 2014. Bulk previously launched a 12MW data center facility at the campus in 2023 and broke ground on a 42MW expansion at the campus in January 2024

The site was recently selected by CoreWeave to host an Nvidia GB200 NVL72 cluster deployment.

The company also operates a site in Oslo and one in Esbjerg, Denmark.

ABN Amro Bank N.V., Citibank Europe plc, and Nordea Bank Abp acted as Mandated Lead Arrangers in the transaction. Eastdil Secured served as advisor to Bulk Infrastructure, while White & Case LLP and Schjødt served as legal counsels to Bulk Infrastructure.