Summary
- Magnora's portfolio reached 650MW gross and 525MW owner-adjusted net capacity at the end of June.
- Ten projects now span Finland, Sweden, Norway, and Italy, with several progressing through power and permitting milestones.
- The company expects further project origination, milestones, and potential sales during the second half of 2026.
Magnora Data Center has grown its European development portfolio to 650MW of gross capacity across ten projects, giving the newly listed business a pipeline spanning Finland, Sweden, Norway and Italy.
The company reported 525MW of net capacity after adjusting for its ownership share at 30 June. It has also entered customer discussions and letters of intent covering two projects that it considers ready for sale.
Magnora’s model differs from an operator building every campus through to service. For its development projects, the company intends to advance land, grid and permitting before selling at or near the ready-to-build stage to operators, hyperscalers or infrastructure investors. Its Storespeed subsidiary provides the operating side of the portfolio through colocation, AI hosting and sovereign-cloud services.
The first-half expansion includes Hämeenlinna in Finland, a Swedish project in the SE4 electricity region, four Norwegian developments, an Oslo conversion project and three schemes around Milan.
The Swedish project is being prepared for marketing to selected investors and includes the possibility of designing and operating a dedicated grid connection in an attempt to accelerate the power-connection process. That element illustrates how data centre development is increasingly moving into electrical infrastructure that might previously have sat almost entirely with a utility or network company.
In Norway, Magnora has added Surnadal, Sauda and Gloppen alongside Averøya. The company says the four projects are sufficiently mature for grid-capacity allocation, although an allocation is still a development milestone rather than completed electrical infrastructure.
The three Milan-area projects provide a different market exposure. Northern Italy has become one of Europe’s faster-growing data centre regions as developers look beyond the established FLAP-D markets, but the development equation remains dependent on suitable power and permitting as new capacity clusters form.
Magnora has also moved ahead with two projects already covered individually by DataCentral. Hämeenlinna has secured a firm grid connection, alongside a building permit and an agreement framework covering district heating, backup power and additional electricity.
Separately, Magnora and Blix Group are converting commercial space in Oslo into an AI and edge data centre. The scheme has 1MW initially available and technical studies indicating potential expansion to 9MW.
The portfolio figures put those project-level announcements into a wider commercial context. Magnora is not relying on a single hyperscale campus: it is assembling multiple developments at different stages and in different power markets, with the expectation that individual assets can be sold once enough development risk has been removed.
That makes grid and permitting progress central to valuation. Undeveloped land with an aspirational capacity figure carries a different risk profile from a site with secured electricity, approved planning and clear construction access. The closer a project moves towards ready-to-build status, the narrower the set of unresolved infrastructure questions for an incoming operator.
Magnora raised NOK650m through its IPO and private placement and ended the second quarter with NOK625.2m in cash. The company says it expects its portfolio to continue growing at roughly the pace seen during the first half, with further origination, milestones and potential sales expected before year-end.
Management reports particular investor and partner interest in Hämeenlinna and the SE4 Swedish project. Those sites will test the strategy from opposite sides: one has already accumulated key permitting and power milestones, while the Swedish development still includes the possibility of Magnora taking a more active role in delivering the grid connection itself.
The 650MW headline therefore describes a development pipeline, not operational data centre capacity. The commercial progress will be visible in how much of that pipeline secures power, completes permitting, reaches sale or enters construction during the second half of the year.
