Magnora ASA

Regulatory Filings • Jan 8, 2026

Magnora secures a third data center project, adding 120 MW, in the Helsinki - Tampere area

Magnora secures a third data center project, adding 120 MW, in the Helsinki - Tampere area

8.1.2026 07:00:01 CET | Magnora ASA | Non-regulatory press releases

Magnora is joining as majority owner in an ongoing data center project in

Finland, expanding its portfolio with a project for a high-density, AI-ready 120

MW facility. The project is developed together with Northern Europe Energy Group

and expected to reach Ready-to-Build stage by the end of 2026.

The physical conditions are excellent. The area has 150,000 m² zoned for data

center operations, potential for waste-heat recovery through the district

heating network, access to all major Finnish fibre operators, stable ground

conditions, and a distance of less than one kilometre to the electrical

substation.

Geographically, the site is located in Hämeenlinna, between Helsinki and

Tampere, close to international airports, and with more than 4 million people

within a 1.5-hour drive - including a large pool of highly educated technical

experts and engineers.

The project was initiated by Northern Europe Energy Group ("NEEG") last year.

Magnora holds a 70% ownership stake in the project through a joint venture (JV)

with NEEG owning 30%. NEEG will be responsible for most of the operational

development. Magnora contributes with strategic, industrial, and financial

expertise, as well as the capability to advance the project in line with

customer demand. The collaboration has strong support from the local

municipality, aiming for an efficient permitting process that ensures local

value creation and sustainable development.

"We are excited to partner with Magnora and the municipality," says Tor Arne

Pedersen, Chairman of Northern Europe Energy Group. "Magnora's financial

strength, industrial experience, and market insight, combined with strong

municipal support and our local expertise, provide a solid foundation for

delivering an attractive, large-scale data center project. For Northern Europe

Energy Group, this transaction represents one of several strategic steps toward

building a valuable Northern European portfolio of energy transition and digital

infrastructure projects."

"The City of Hämeenlinna is delighted about the vitality boost brought by the

data center. This project represents a significant step forward in advancing

technological development, economic growth, and sustainable development in our

community," says Ari Räsänen, Director of Relocation Services, Linna Business

Development Ltd./ City of Hämeenlinna.

This is the third data center project/company Magnora enters within the last

three months, in addition to Averøy (100 MW in development) and Storespeed

(operational). Magnora continues its efforts to source and develop more projects

in the data center space in the coming weeks and months. The Nordics are a

preferred data center market globally and Magnora is well positioned with its

experience, network and market understanding.

About Northern Europe Energy Group AS

Northern Europe Energy Group is a Norwegian-Baltic energy infrastructure

development company with sites in the Nordics and Baltics. The company develops

large-scale transition projects based on secured land, grid access, and

renewable power, including data centers, hydrogen production for SAF and

European energy markets, and grid-scale battery energy storage systems. NEEG

works closely with municipalities, grid operators, and industrial partners to

enable sustainable development and local value creation across the Nordic and

Baltic region.

CONTACTS

* Erik Sneve, CEO, email: es at magnoraasa.com

ABOUT MAGNORA ASA

Magnora ASA (OSE: MGN) is a renewable-energy group developing data center, wind,

solar and battery projects. Magnora has operations in Europe and Africa through

the portfolio companies Magnora Data Center AB, Storespeed AS, Hafslund Magnora

Sol AS, Magnora Offshore Wind AS, Magnora Germany, Magnora Italy Srl., Magnora

Solar PV UK, Magnora South Africa, and AGV. Magnora also has earn-out revenues

related to the former portfolio companies Helios Nordic Energy and Evolar.

Magnora is listed on the main list of the Oslo Stock Exchange under the ticker

MGN.

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/17847805/18767855/6680/Download%20announce

ment%20as%20PDF.pdf