Polar raises over €1 billion to expand European AI data centres

Polar Data Centers has raised more than €1 billion in funding to expand AI data centre capacity in Europe, with growth planned across Norway, Finland and Germany.

The new money builds on an €800 million Nordic bond issuance completed in June 2026. Together with committed shareholder equity, the bond was raised to deliver Polar's contracted Norwegian developments, which include the sites known as DRA02 and HER01. Streif Capital Partners acted as debt advisor to the company.

Additional backing from H.I.G. Capital, LIAN Group and Palistar goes toward the next phase of growth in Finland and Germany. The pieces are split by market: the bond provides the financial foundation for the Norwegian projects, while the investor backing supports the Finnish and German expansion.

Andy Hayes, CEO of Polar Data Centers, called securing over €1 billion a significant milestone. He said it shows investor confidence in the company's business, its strategy and its ability to deliver.

The funding matters because it lets Polar move ahead with projects that already have contracts in Norway while opening up new development in two further countries. It also shows continued investor appetite for AI-focused data centre infrastructure in the Nordics and the wider European market.