October 2023 EMEA Data Centre Update

Colo Hyperscale Cloud Telco

EMEA ESTABLISHED MARKET OVERVIEW

KEY INDICATORS*

CENTRAL OSLO

8 OPERATORS, 15 DATA CENTRES

67MW IN OPERATION

58MW UC / 229MW PLANNED

26% VACANCY RATE

* Definition: Key indicators are based on operational Hyperscale Cloud, Colo, Edge & Telco data centre facilities in the market and excludes Captive & ICT.

MARKET OVERVIEW

SKI

The Oslo data centre market is the largest market in Norway and is ranked 3rd in the Nordics. Oslo has 15 facilities supporting 67 MW in power, which is 64% of operational DC supply in the country. In recent years, the Oslo data centre market has seen impressive expansion and change, establishing itself as a crucial centre for digital infrastructure, not only in Norway, but also across the wider Nordic area. This growth has been driven by Norway's ample reserves of sustainable energy, particularly from hydropower sources, as well as its political stability. The provision of renewable power at scale gives Norway a very significant competitive advantage, along with other Nordic locations. It should be noted that current comparative power pricing within the EMEA region is compelling. Consequently, Oslo has become an appealing destination for data centre providers in search of dependable and environmentally-friendly hosting solutions. The city's advantageous geographical location, robust connectivity options, and a climate conducive to efficient data centre cooling, have further solidified its reputation as a top pick for both domestic and international businesses seeking to establish a foothold in Northern Europe. The Norwegian authorities have been proactively endorsing the development of data centres in Oslo, highlighting the city's cold climate and utilization of sustainable energy sources as significant advantages for such infrastructure. This promotion is exemplified through the government's data centre strategy, known as "Powered by Nature," which aims to position Norway as a leading destination for data centres fueled by renewable energy. Moreover, the government is actively urging data centres and other substantial electricity consumers to consider the possibility of channeling their surplus heat into district heating systems as a means of boosting energy efficiency. In June 2023, Telenor and the local energy firm Hafslund unveiled a collaborative effort to construct data centres in Oslo, boasting a collective capacity of 40MW. This facility is set to repurpose excess heat, aligning with climate objectives and sustainability goals. Additionally, the government is providing support for the establishment of data centres in Oslo through various initiatives, including tax incentives and direct investments.

ECOSYSTEM DEVELOPMENTS • In June 2023, Telenor , a Norwegian telecommunications company, and Hafslund , a local energy company, announced they have formed a partnership to build three colocation data centres. The first building is set to begin construction later this year, with expectations that at full build-out the facilities will total 40MW. • DigiPlex has launched another data centre at its Fetsund facility in Oslo. The expansion was completed in June 2021 and will add 3MW of power. The company has also begun construction on its fourth data centre which will add 6MW of IT capacity. • Green Mountain completed its third data centre at its Enebakk campus, located roughly 20km from Oslo. The building will have an IT load of 13.5M. Construction began in late 2021. • Lefdal Mine is planning to expand its underground data centre in Kjolsdalen by 60MW. • In January 2022, Akershus Energi sold its equity in the OS-IX data centre to Bulk Infrastructure . The transaction gives the company full ownership of the facility. Bulk owns three data centres, two of which are in Norway and is in the process of developing several more. • In Q3 2022, Stack Infrastructure completed a project that will allow the company to recycle heat generated from its OSL01 data centre to redistribute through local district networks in Oslo. The project will lessen power costs for this and future data centres, while also being increasingly expected as an ancillary benefit of data centres across Northern European markets.