Jun 01, 2026 | Posted by Abdul-Rahman Oladimeji
Nordic AI data center developer Polar DC has raised an €800 million ($932.2 million) senior secured bond in the Nordic bond market.The company, which is owned by alternative investment firm H.I.G. Capital, plans to use the proceeds to refinance existing debt tied to its first data center in Drangedal, Norway, as well as to fund the completion of two additional facilities scheduled for delivery in 2026 and 2027. According to H.I.G. Capital, the transaction represents a “new record” in terms of deal size in the Nordic bond 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.” The company was acquired in a majority stake deal by H.I.G. Capital in October last year. Polar DC’s development portfolio spans multiple sites across Norway, including Drangedal, Porsgrunn, Tørdal, and the greater Oslo region. Last month, the company also announced plans for a new facility in Herøya on Norway’s southeast coast.
