Augusta & Co is delighted to announce that Polarnode Oy, a fast-growing data centre developer in Finland, is jointly delivering a 310-megawatt data centre project in Lappeenranta in conjunction with Nebius, a global infrastructure platform headquartered in Amsterdam and listed on Nasdaq (NBIS). Construction of the project is already underway.
Augusta and Savills are acting jointly as co-exclusive financial advisers to Polarnode to provide corporate finance advice and project sales agency services.
The multibillion euro investment in the Lappeenranta project ranks among the most significant single industrial projects in Finland’s history. Once fully built out, the campus will be one of Europe’s largest data centres purpose built for AI workloads.
Construction is already underway, with the first phase expected to become operational in 2027. Once fully built, the campus will play a critical role in supporting the rapid growth of AI compute demand across Europe.
Mikko Toivanen, Chairman of Polarnode commented: “We launched the business with the clear strategic aim of building a leading Nordic data centre platform and in the conviction that Finland is a natural hub for the rapid expansion of the sector. The Lappeenranta campus validates that vision. We thank Augusta and Savills for their highly resourceful support on this journey”.
Lauri Ikonen, Polarnode’s Head of Technology and the former site lead for Google’s Hamina data centre commented: “Finland has the natural attributes that equip it to play a central role in the European DC sector. It offers clean energy at one of the lowest power prices in Europe, one of the most robust power transmission grids in the world and a cool climate that reduces the power needed for cooling. As the power-hungry data center sector expands, Finland is uniquely placed to match demand with new renewable energy enabling operators to maintain carbon neutrality”.
Simon Clement-Davies, Partner at Augusta commented: “The Polarnode founders are formidable entrepreneurs and veterans of power infrastructure in Finland. They built the leading renewables IPP in the country with Augusta’s support and are now set to replicate this achievement in data centres. Lappeenranta launches the platform with impressive scale, and beyond this Polarnode have built up a pipeline of more than 1GW offering a time-to-power of under two years”.
Contact:
Simon Clement-Davies: SClementDavies@augustaco.com