Renewable energy firm Magnora has floated its data center division.

Magnora Data Center ASA is now listed on the Euronext Growth Oslo stock exchange.

The company completed a private placement raising gross proceeds of NOK 650 million ($68.6m). Net proceeds from the placement will be used to fund existing and new data center projects and operations, as well as for working capital and general corporate purposes.

Euronext Oslo-listed Magnora ASA currently holds a 52.7 percent stake in the data center company.

“We are very pleased with the strong investor interest in Magnora Data Center ASA. The private placement last week was multiple times oversubscribed and raised the full NOK 650 million we targeted. The broad and international interest from high-quality institutional investors reflects confidence in the company, our capabilities and the growth opportunity the European data center market represents,” said Magnora CEO and executive chairman, Erik Sneve.

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.

The company said the listing was “first publicly available European opportunity for pure-play exposure to the fast-growing data center market.”

Magnora 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, and is working on multiple projects around Milan, Italy.

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.