Singapore-headquartered Bitdeer Technologies has signed a 16-year colocation lease and services agreement with Volta Tydal AS, a subsidiary of AI infrastructure platform Volta, to deliver 121 IT megawatts at its Tydal campus in Norway.
In a statement on Tuesday, AI cloud service and infrastructure provider Bitdeer said the deal represented $4.7 billion in contracted revenue over the initial 16-year base term. An 8-year renewal option can increase the potential total contract value to approximately $8.0 billion over 24 years.
The agreement is structured as a modified gross lease at an average rate of approximately $202 per kilowatt per month over the first 16 years, with electricity costs reimbursed by the tenant.
Expected average annual revenue is $2.4 million per IT MW, with an estimated net operating income margin of approximately 90 percent and 3 percent annual escalators on both the lease and services agreement..
The agreement is executed through Bitdeer’s subsidiary Tydal Data Center AS. Delivery is planned in two equal-sized phases across four data halls: Phase 1 is targeted for December 31, 2026 and Phase 2 for March 31, 2027. Bitdeer is also developing two additional data halls totalling 47 gross MW for future AI and high-performance computing use cases in the second half of 2027, out of a total campus capacity of 180 gross MW.
Remaining capital expenditure is approximately $500 million, equivalent to approximately $4 million per IT MW.
Michael G. Potter, CFO of Bitdeer Technologies, said the project will incorporate NVIDIA GPU technology and frontier models from a leading AI lab into a data center powered exclusively by carbon-free energy sources.
Ricard Boada, Co-Founder and CEO of Volta, said the partnership combines Bitdeer’s data center platform with Volta’s capital formation capabilities and AI ecosystem relationships to create one of Europe’s largest AI factories.