Bitdeer Signs $4.7 Billion, 16-Year Lease Agreement for Norway Tydal AI Data Center

TechFlow News, August 4, according to the official announcement by Bitdeer Technologies Group (NASDAQ: BTDR), Bitdeer signed a 16-year hosting lease and service agreement with Volta Tydal AS through its subsidiary Tydal Data Center AS, involving its AI/HPC data center campus located in Tydal, Norway. The agreement contract revenue is approximately $4.7 billion, and if the 8-year renewal option is triggered, the potential total contract value could reach approximately $8 billion.

The agreement covers 121 IT MW of capacity, all configured with NVIDIA GPUs, serving a leading AI laboratory, with Dell Technologies serving as the technology provider. The lease structure is a modified gross lease, with a 16-year average rate of approximately $202/kW/month, including a 3% annual escalation, and electricity costs are fully reimbursed by the tenant. Bitdeer expects an NOI margin of approximately 90%, with an average annual revenue of approximately $2.4 million per IT MW.

Volta's obligations are expected to be secured by letters of credit of approximately $1.3 billion arranged by J.P. Morgan and another global top-tier financial institution. The project will be delivered in two phases, with Phase 1 targeted to start by December 31, 2026, and Phase 2 by March 31, 2027. Remaining capital expenditures are approximately $500 million, which Bitdeer plans to cover through additional debt financing, and no equity or warrants were issued in this transaction.