Nordic energy firm Magnora is expanding its data center footprint with a planned development in Italy.

The company this week announced it has secured its second data center project in Italy. Full details haven’t been shared, but the site is located on industrial-zoned land in the Milan area.

The project is wholly owned and “well-suited for data center development and construction,” according to the firm.

“Land exclusivity agreement has been secured, and the local municipality is supportive of the project,” the company said. “The project benefits from a strong surrounding electrical infrastructure, and the grid application has been submitted.”

Magnora said the new project brings Magnora’s data center project portfolio to a gross 585MW and net 460MW of capacity.

“We have identified Italy as a highly interesting data center market,” said Erik Sneve, CEO of Magnora. “With the current hubs of Europe (FLAPD) facing significant power and regulatory constraints, Milan is considered one of the strongest candidates as an upcoming Tier 1 hub.”

Magnora’s most recent investor presentation suggests the latest site could support 30MW across 23,000 sqm (247,570 sq ft). The presentation suggests the company’s other Italian project is another 30MW site also in Milan, totaling 34,000 sqm (365,970 sq ft). Both sites could be ready for sale to a data center developer by 2027.

Magnora eyes data center IPO

Magnora was initially founded in 2001 and transitioned into a dedicated renewable energy investor in 2018, since investing in a number of wind, solar, and battery projects. It is looking to spin off its data center arm into a separately-listed venture.

The company last year acquired a majority stake in Norwegian data center developer Storespeed. At the time of the acquisition, Storespeed operated a single colo facility in Halden, Norway, with an installed capacity of approximately 1MW and the potential to scale up to 5MW.

The company is also targeting large-scale developments on the western coast of Norway in Kristiansund and Hämeenlinna, Finland. The company is also targeting a 60MW development in southern Sweden, but hasn’t detailed any planned projects yet.

The company looks to be offering the sites as powered and zoned land offerings, allowing data center developers and operators to come in and actually build the facilities.

In a recent investor presentation, the company said it has a development portfolio of 585MW across nine sites, and a development pipeline totaling 2.7GW across 50 projects. Sites across other markets in Europe and in South Africa are also being assessed as part of that development pipeline.

Magnora Data Center ASA is a wholly owned subsidiary of Magnora ASA, and the company is considering a separate listing on Euronext Growth Oslo. The listing could happen as soon as Q2 2026.

Magnora ASA said it intends to “continue investing and at this stage remain a major shareholder” in the data center business after the IPO.