Summary
- The Tydal contract covers 121MW of IT load and approximately $4.7bn in scheduled payments over its initial 16-year term.
- Four data halls are due to be delivered in two phases between December 2026 and March 2027.
- Bitdeer must complete about $500m of remaining capital expenditure and secure the planned credit support before the project is fully de-risked.
Bitdeer has signed a 16-year colocation and services agreement covering 121MW of IT capacity at its Tydal data centre campus in Norway, attaching approximately $4.7bn of scheduled payments to the project’s initial term.
The agreement is between Bitdeer subsidiary Tydal Data Center AS and Volta Tydal AS, part of AI infrastructure platform Volta. The capacity will be configured for Nvidia GPU systems used by an unnamed AI laboratory, with Dell Technologies identified as the technology provider.
Bitdeer expects the contracted IT load to require about 133MW of gross facility capacity. Delivery is divided into two equal phases across four data halls, with the first scheduled to commence on 31 December 2026 and the second on 31 March 2027.
The campus could ultimately reach 180MW of gross capacity. Bitdeer said two additional halls, providing a combined 47MW, are being developed for AI and high-performance computing workloads during the second half of 2027.
A lease with construction and credit conditions
The headline contract value is not the same as revenue already recognised or cash secured at signing. Bitdeer calculates the $4.7bn figure from scheduled base rent and service payments over 16 years, assuming full performance of the agreements. Volta also holds a no-fee termination right after 10 years.
An eight-year extension option could take the potential aggregate contract value to approximately $8bn over 24 years. The initial lease carries an average contracted rate of about $202 per kilowatt per month, while electricity costs will be reimbursed separately by the tenant on a pass-through basis.
Bitdeer estimates that the agreement could produce average annual contracted revenue of $2.4m for each IT megawatt over the initial term. It has also projected a net operating income margin of about 90 per cent, although that forecast remains dependent on delivery, utilisation, operating costs, and the tenant meeting its obligations.
The company has about $500m of capital expenditure left to complete at Tydal, equivalent to roughly $4m for each contracted megawatt of critical IT load. It intends to raise additional debt to support this and other infrastructure projects.
The tenant’s obligations are expected to be backed by letters of credit totalling approximately $1.3bn, arranged by affiliates of JP Morgan and another global financial institution. That support remains subject to conditions, and Bitdeer can terminate the agreement if Volta fails to meet defined credit-backstop milestones.
Norway’s power advantage enters a larger contract
Tydal converts a site associated with Bitdeer’s earlier digital-asset infrastructure into a much larger contracted AI platform. The underlying attraction is physical rather than promotional: access to renewable hydropower, dual grid connectivity, and a site with a route to substantial additional capacity.
Bitdeer expects the completed contracted facility to achieve a power usage effectiveness figure of about 1.1 and operate on renewable electricity. Those remain design and operating claims until the halls are delivered and measured under load, particularly as dense GPU deployments place additional requirements on electrical distribution, cooling systems, and commissioning.
The agreement also illustrates how AI infrastructure contracts are becoming combinations of property, power, credit, hardware procurement, and managed services. The named tenant is not the ultimate computing customer, while financial institutions are expected to provide a substantial credit backstop and Dell will supply the technology platform.
That structure distributes the project across several counterparties but does not remove delivery risk. Bitdeer still has to complete four halls on a compressed timetable, secure financing for the remaining works, and commission infrastructure capable of supporting the contracted load.
For Norway, the project adds another large block of compute demand to a market promoted on renewable generation and comparatively cool operating conditions. It will also intensify scrutiny of grid capacity, the allocation of low-carbon electricity, and whether waste heat and other local benefits develop alongside the data halls.
The first test arrives at the end of 2026. Until the initial phase is operational and the credit package is in place, the $4.7bn figure is best understood as the value of a long-dated contracted payment stream attached to a large construction and financing programme — not as cash already secured.
