Bulk Infrastructure (Bulk), one of Europe’s leading developers and operators of sustainable data centres, has announced a €350m/US$380m equity investment by BGO, a leading global real estate investment management firm, which will be deployed to accelerate its growth plans.
BGO’s investment will be made on behalf of investment vehicles under its management. The investment brings BGO’s total equity investment in Bulk since 2020 to over €640m/US$700m.
Bulk intends to invest over €1 billion of new CAPEX by 2026 to grow the firm’s leading sustainable data centre platform in Europe.
Bulk has established itself as one of the leading developers of data centres and fibre networks in the Nordics, building on the region’s unique advantages with low-cost, renewable energy. With a full range of data centre solutions across three sites in Norway and Denmark, Bulk offers unparalleled scalability for global data centre customers. Its expansion plans are now under-pinned by the enhanced involvement of BGO, which envisions a long-term leadership role for Bulk in Europe’s data centre industry.
Bulk’s N01 Data Center Campus will have a power capacity of 400MW by 2026 from 100% renewable power, and with ambitions for 2000MW (2GW) in the medium-term.
“The latest investment by BGO will fuel our ambitions to shift the gravity for global and European large data loads to the cold and sustainable North,” said Peder Naerboe, Founder and Executive Chairman, Bulk. “We are seeing urgent demand for modern, large-scale AI-ready data centres from existing and new customers. BGO has been a reliable shareholder and partner to us since its first investment in 2020 enhancing our ability to deliver on our scalable, sustainable Nordic data centre platform.”
Jon Gravråk, CEO, Bulk, said: “We are excited to announce this new investment enhancing our ability to deliver on a scalable platform, meeting the growing AI demand from large existing, and new customers both in Europe and globally. This enables us to significantly expand our capacity going forward, ensuring we deliver high-performance solutions that drives both customer success and our growth as a company. We appreciate the continuing trust from our renowned partner BGO.”
John Carrafiell, Co-CEO of BGO, added: “BGO in Europe has long been at the forefront of modern, infrastructure-like industrial real estate investing, and an early mover in the sustainable data centre sector. Today’s announcement with Bulk Infrastructure reaffirms our steadfast commitment to pursuing growth in data infrastructure that will play a critical role serving the industries of tomorrow.
“Bulk’s range of industry-leading capabilities and technology, 100% green power and its track record of successful delivery of modern, AI-ready data centres, is perfectly positioned to lead the way in this high growth sector,” Carrafiell said. “Going forward, BGO will continue to support Bulk and its management team with its expertise and capital to enable Bulk to realise the generational opportunities we see today for AI-ready, GPU-based data centres.”
Bulk recently opened a 12MW AI-ready facility at the N01 Data Center Campus which is already fully committed. Its next AI-ready centre is under construction and will provide 42MW of capacity from early 2025.
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