Asp Data Center has raised 1.6 billion Norwegian Krone ($169.7m) in bonds for its data center in Stavanger, Norway.

It will use the proceeds to fund investments in the data center, K11, as well as to refinance an existing 685 million Norwegian Krone ($72.6m) bond. The company previously announced a NOK 615 million bond in 2025.

Ole Fredrik Bergseth, CEO of Asp Data Center, said: “We have a contracted revenue backlog approaching NOK 2 billion ($212.2m), including the recently signed agreement with a leading international company for the delivery of 6MW of IT capacity at the K11 data center.

“It is great to see the strong interest in the bond issue, reflecting the attractivity of our pipeline and the business we are building. Investors recognize that we are an attractive partner for international customers, supported by our solid project history, reliable operational track record, and strategically located sites with secured access to power.”

ASP Datacenter was established in 2022 by ASP Eiendom AS, a property enterprise in Norway operating since 2008. The company’s portfolio includes two sites in Western Norway with a minimum of 43MW of available and planned capacity, as well as long-term expansion potential of approximately 100MW.

In addition, it is working on a site in Finland, with 30MW planned in phase one and the potential to exceed 400MW through further development.

Bergseth added: “Demand for high-quality,energy-efficient data center capacity in the Nordics continues to grow, driven by international customers looking for scalable, sustainable sites. This financing round gives us the financial footing to keep expanding K11 and the wider portfolio.”