Stavanger, Norway-based server farm operator Green Mountain has been acquired by Azrieli Group for approximately €722 million. Through the acquisition, Tel Aviv-based Azrieli Group gains a significant foothold in the European market.
Green Mountain was incorporated in 2009 and focuses on the building and operation of 100% renewable energy-powered centres that are then leased to third parties with clients coming from the finance, IT, and Government sectors. The company has three centres in operation: Stavanger is built deep inside a mountain in a former high-security NATO ammunition store, Telemark is in the ‘cradle of hydro power’ in Norway with multiple local hydropower plants, and recently completed Oslo located 20km outside the country’s capital city.
In recent years Scandinavia, and Norway in particular, has seen a significant rise in demand for data centres, namely due to the availability and low cost of power.
“Acquiring Green Mountain is a key milestone in realizing Azrieli Group's strategy for building international operations in the Data Centers sector,” commented Azrieli Group chairman Danna Azrieli. “The combination of the operations in North America through Compass with the acquisition of Green Mountain in Europe will allow Azrieli Group to become a significant global player in this growing and developing arena.”