3i Infrastructure has committed to invest approximately €300 million to acquire a majority stake in Lefdal Mine Datacenter (LMD), an active data center campus located on Norway's west coast. The site currently provides 37MW of live capacity to customers and has a further 43MW of contracted capacity that is under construction.
The data center's contracts are structured as inflation-linked, availability-based agreements and serve a roster of customers that includes financial institutions and government agencies. LMD draws operational advantages from its subterranean location and a closed-loop seawater cooling system, and benefits from access to Norway's comparatively low-cost electricity. Customer stickiness at the campus is supported by substantial investments in on-site hardware and bespoke infrastructure tailored to tenant needs.
3i Infrastructure is acquiring the asset from a fund managed by Columbia Threadneedle. The fund's largest investor will participate in the transaction alongside 3i Infrastructure, and 3i will oversee the total investment, which is approximately €400 million when considering the broader package.
Included in the transaction is a minor portfolio of renewable generation: three wind farms in Sweden and two hydro assets in Italy. Those renewable holdings account for less than 10% of the overall transaction value, according to the deal terms. The parties expect to complete the transaction in summer 2026.
To preserve flexibility for the timing of further investments while it awaits proceeds from another disposal, 3i Infrastructure has activated a financing accordion. The company has triggered a €300 million increase on its revolving credit facility, expanding available capacity to £1.2 billion. This measure comes while the group awaits €1.14 billion in proceeds from the sale of TCR.
The deal positions 3i Infrastructure to gain control of an operational data center with a mix of immediate revenue-generating capacity and contracted expansion. The inclusion of a small renewable portfolio and an expanded credit facility are complementary elements in the transaction structure as the company finalizes financing and prepares for completion in mid-2026.