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