Nordic AI data center developer Polar DC has raised a €800 million ($932.2m) senior secured bond in the Nordic bond market.

The developer, which is owned by alternative investment firm H.I.G. Capital, will use the bond proceeds to refinance its existing debt on its first data center in Drangedal, Norway, and complete construction of two additional facilities in 2026 and 2027.

According to H.I.G. Capital, the transaction is a “new record” for deal size in the Nordic market.

“This financing represents a pivotal moment as Polar scales to represent one of Europe’s leading data center platforms, building infrastructure ready for AI and high-performance compute workloads,” said Andy Hayes, CEO at Polar DC. “We continue to see significant demand growth across neocloud, hyperscale, and enterprise customers for Polar’s purpose-built facilities, and we look forward to further enhancing the robust partnerships we have built with the industry’s leading customers, suppliers, and future sites.”

Launched just last year, Polar DC describes itself as a developer of “high-performance data centers optimized for AI and high-density computing workloads.”

H.I.G. Capital acquired a majority stake in the company in October last year.

Polar DC has projects in Drangedal, Porsgrunn, Tørdal, and near Oslo. Last month, the company announced it was looking to develop a new facility in Herøya, on the southeast coast of Norway.

Last year, neocloud Crusoe announced it would lease a Drangedai data center from Polar DC for its AI cloud.