Bitdeer Technologies Group (NASDAQ:BTDR) said it has entered the artificial intelligence infrastructure colocation market through a 16-year data center lease and services agreement at its Tydal campus in Norway.
The agreement, executed with Volta Tydal AS, a subsidiary of AI infrastructure platform Volta, represents approximately $4.7 billion in contracted revenue during its base term, according to Chief Strategy Officer Haris Basit. An embedded eight-year renewal option could raise the potential value of the arrangement to about $8 billion over 24 years.
Two-Phase Delivery Schedule
The deployment is divided into two equal phases of 60.5 IT megawatts each. Phase one, spanning data halls two and three and a portion of data hall one, is targeted to begin Dec. 31, 2026. The second phase, covering data hall four and the remainder of hall one, is targeted to commence by March 31, 2027.
Bitdeer is also in the early development stages for two additional data halls at Tydal totaling 47 gross megawatts. Those halls are outside the Volta lease, with a target completion date in the second half of 2027. The company said it intends to retain flexibility for those remaining megawatts for AI and high-performance computing uses.
Basit described the agreement as a proof point for converting Bitdeer’s power assets into long-term contracted AI and HPC revenue. The company said it has approximately 3 gigawatts of capacity across multiple continents and sees the Tydal arrangement as a template for potential future contracts, including at North American sites.
Lease Economics and Financing Plans
Chief Financial Officer Michael Potter said the modified gross lease has an initial combined rate of about $160 per kilowatt per month, including base rent and service fees. Electricity costs will be reimbursed by the tenant on a pass-through basis, which Bitdeer said protects it from energy-price volatility.
The lease includes a 3% annual escalator on both base rent and service fees. As a result, Bitdeer expects the average realized rate over the 16-year base term to reach approximately $202 per kilowatt per month.
- Expected average annual revenue: approximately $2.4 million per IT megawatt.
- Expected average annual site revenue: approximately $290 million.
- Estimated net operating income margin: approximately 90%.
- Estimated remaining capital expenditure: approximately $500 million, or about $4 million per IT megawatt.
Potter said Volta’s obligations are expected to be backed by credit support issued severally by J.P. Morgan and other top-tier global financial institutions totaling approximately $1.3 billion. Bitdeer said the structure does not involve shareholder dilution and preserves its ownership of the Tydal campus.
The company plans to raise additional debt financing to fund the remaining Tydal build-out. Potter said Bitdeer expects the financing to fully fund the site’s remaining capital requirements while also providing additional capital for future projects, though the company said it would provide more details once its development plan is finalized.
Site Infrastructure and Renewable Power
Haakon Bryhni, chairman of the Tydal Data Center, said the facility is already energized and connected directly to Norway’s hydropower grid. The site’s power stability is supported by a regional network of 16 hydropower stations and a wind farm, he said.
Bitdeer is upgrading the facility’s electrical systems to meet 4N/3 redundancy requirements for NVIDIA’s Rubin NVL72 racks. The full 180-megawatt gross capacity is protected by four independent 60-megawatt-hour battery energy storage systems, according to Bryhni.
The company said the campus uses two independent water supplies for a closed-loop hydrocooling system with a power usage effectiveness, or PUE, of approximately 1.1. Connectivity is supported by redundant, carrier-neutral fiber infrastructure, including providers Telenor and NT Telecom.
Bitdeer also said it plans to export waste heat from the data halls to an adjacent 112,000-square-meter business area being developed for potential users of the heat, including possible local food-production businesses.
About Bitdeer Technologies Group (NASDAQ:BTDR)
Bitdeer Technologies Group Inc (NASDAQ:BTDR) is a global digital asset mining and computing services provider focused on delivering secure and efficient hashrate solutions to institutional and retail customers. The company leverages its proprietary mining platform to offer hosted mining, hashrate sales and management services, enabling clients to access large-scale mining operations without direct investment in hardware or infrastructure.
Bitdeer’s core offerings include mining hosting services, whereby the firm installs, operates and maintains specialized mining equipment on behalf of customers, and hashrate-as-a-service products that provide fixed-capacity mining power with transparent pricing structures.
