3i Infrastructure has agreed to invest approximately €300 million to acquire a majority stake in Lefdal Mine Datacenter (LMD), a Norwegian data center campus, as part of a transaction totaling about €400 million.
LMD operates a data center campus on Norway’s west coast with 37 MW of operational capacity serving its current customer base and an additional 43 MW of contracted capacity under construction. The facility operates under long-term, availability-based contracts that are linked to inflation, providing predictable revenue visibility and downside protection for investors.
The underground campus benefits from Norway’s low-cost and reliable power supply, and it uses a closed-loop seawater cooling system that enhances efficiency. LMD also offers significant expansion potential, with only one of its six mine levels currently used for data center capacity.
The asset is being acquired from a fund managed by Columbia Threadneedle Investments. The largest investor in that fund will reinvest alongside 3i Infrastructure as part of the transaction. In addition to the data center investment, the deal includes the acquisition of a small portfolio of operating renewable energy assets. The overall investment will be controlled by 3i Investments plc, the investment manager of 3i Infrastructure.
The acquisition follows the expected €1.14 billion proceeds from the previously announced sale of TCR. The company said it has carefully considered how to redeploy these funds, including repaying drawings on its revolving credit facility and supporting growth in existing portfolio companies.
To provide flexibility for new investment commitments ahead of receiving the TCR proceeds, the company has activated a £300 million accordion feature on its revolving credit facility, increasing total committed credit facilities to £1.2 billion.
Completion of the Lefdal Mine Datacenter transaction is expected in summer 2026.
KEY QUOTE:
“We are delighted to be redeploying some of the proceeds from the TCR exit into a high-quality asset like LMD. This transaction offers an attractive risk/return profile, whilst further diversifying our portfolio into a new subsector. The contracted existing capacity provides strong downside protection, and we see attractive growth opportunities to create value. We look forward to working with the management team to deliver a strong outcome for 3iN.”
Bernardo Sottomayor, Managing Partner And Head Of European Infrastructure, 3i Investments Plc, Investment Manager Of 3i Infrastructure Plc
