Bitdeer Technologies Group announced on August 4, 2026, in a press release filed as Exhibit 99.1 to a Form 6-K, that its subsidiary Tydal Data Center AS had executed a 16-year colocation lease and services agreement with Volta Tydal AS, a subsidiary of Volta. The agreement covers 121 IT megawatts supported by an estimated 133 gross megawatts at Bitdeer’s Tydal campus in Norway, and represents approximately 4.7 billion dollars in contracted revenue over the initial 16-year base term. A one-time eight-year renewal option would raise the potential total contract value to approximately 8.0 billion dollars over 24 years.
The economics are unusually explicit for a colocation deal. The lease is a modified gross arrangement with an average payment of approximately 202 dollars per kilowatt per month over the first 16 years, with electricity costs reimbursed by the tenant on a pass-through basis. Volta’s obligations are anticipated to be supported by a credit backstop in the form of letters of credit arranged by affiliates of J.P. Morgan and another top-tier global financial institution, totaling approximately 1.3 billion dollars and subject to customary conditions.
The stack behind the contract runs several layers deep. Bitdeer, itself an NVIDIA Cloud Partner, is the landlord. Volta, also an NVIDIA Cloud Partner, is the tenant. Volta’s customer at the site will be an unnamed leading AI lab, with Dell Technologies as the technology provider, and the entire 121 IT MW will be configured to run NVIDIA GPUs. Bitdeer states the site will run on 100 percent renewable energy with a power usage effectiveness of approximately 1.1, drawing on dual grid connectivity and local hydropower.
Two things here are worth a business leader’s attention. First, the payment structure and the letter-of-credit backstop show how AI colocation risk is actually being underwritten in 2026: a per-kilowatt monthly rate with power passed through, plus roughly 1.3 billion dollars of bank credit standing behind a tenant whose own customer is an AI lab. Second, the geography. A 133 gross MW frontier-lab site in Norway on hydropower is evidence that the buildout has moved past the point where cheap, carbon-free power at scale can be sourced only in the United States, and that European grid capacity is now a competitive input for frontier training and inference.