From Crypto to Colocation in Norway
Helping a global investment bank validate a modular data centre project on a repurposed crypto mining site.
€90 million
12MW
The challenge
Our client, a global investment bank and wealth manager, was considering funding a start-up developer converting an abandoned crypto mining site in Norway into a data centre. The scheme relied on a fully prefabricated, modular deployment, a model with little benchmark data at this scale. Site conditions were uncertain, and the developer’s business plan and funding model were complex. The client needed independent due diligence to validate the opportunity.
What We Did
We deconstructed the developer’s 30-year business plan and tested its assumptions against first principles. Drawing on historic data, market insight, and our operational experience, we created a structured report that addressed the key risks and opportunities.
Key actions:
- Scrutinised the developer’s business plan in detail
- Re-evaluated elements of the commercial model from first principles
- Conducted interviews with key vendors and supply chain partners
- Assessed assets, total cost of ownership, and energy pricing
- Reviewed the development strategy, programme and commissioning approach
- Analysed construction and maintenance capital spend
- Delivered a structured, closely reasoned report with firm conclusions
Unforeseen problems?
Solved fast.
The Result
Single version of the truth
Consolidated disparate data into one clear report
Confidence in decision-making
Giving our client the assurance to proceed (or not)
Action points
Highlighting areas for monitoring and management post-investment
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