OSLO: Magnora Data Center ASA has agreed to form a 50/50 joint venture with Blix Group AS to develop a commercial section of a former payment clearing house into an AI and edge data center, the company announced Monday.
The facility, located in the former Norwegian Payment Clearing House (Bankenes Betalingssentral) building, has immediate access to 1 megawatt of power capacity, with technical studies suggesting potential expansion to 9 megawatts pending grid connection, cooling and weight capacity upgrades. An application for additional power is already in queue with the local grid operator, according to the company.
Magnora Data Center will establish a wholly owned operating company to build and run the facility.
“This joint-venture project gives us fast, capital-light access to AI data center capacity in metro Oslo, together with a partner who already has technical staff, power and cooling in place in the same building,” said Erik Sneve, chairman of Magnora Data Center ASA, in a statement. “This also complements our Storespeed offering in Halden, Norway (1 hour 15 minutes from Oslo).”
The facility will be purpose-built for high-performance AI infrastructure, combining Rear Door Heat Exchangers and Direct Liquid Cooling to support power densities of up to 100 kilowatts per rack. Reusing the existing building mass reduces the project’s carbon footprint compared with a greenfield development, the company said.
The joint venture sits alongside Blix Solutions’ existing Blix NR5 Oslo data center in the same building, offering fiber connectivity and traditional colocation for storage adjacent to the dedicated AI facility. The location provides access to multiple high-capacity fiber routes connecting Oslo directly to key European markets.
Demand for AI and cloud data center capacity near Oslo is rising, driven in part by the need for edge, low-latency infrastructure close to end users, while grid capacity in the region remains scarce and increasingly limits new supply, the company noted. Magnora Data Center said it has already received several inquiries for capacity in the Oslo area.
Magnora Data Center focuses on developing medium to large-scale data center projects and operating capacity through its subsidiary Storespeed. The company’s strategy for development projects is to exit when projects reach ready-to-build or near-ready stages, bringing in operators, hyperscalers or infrastructure investors to take projects through construction and operations. For Storespeed, the company operates and grows the asset directly, with colocation, AI hosting and sovereign cloud as core services.
The company’s revenue model combines project sales and milestone payments with recurring revenues from Storespeed operations. Magnora Data Center was established as a separate group during spring 2026, with Magnora ASA remaining as parent company, building on Magnora’s track record of value creation in renewables and infrastructure since 2019.
