Latham Advises on Nscale’s US$790 Million Norway Data Center Financing

Latham & Watkins has advised Nscale, the global hyperscaler engineered for enterprise-grade AI infrastructure, on its US$790 million senior secured project financing to support the development of a 108 MW AI data center in Narvik, Norway. The facility is designed to house next-generation AI GPUs. This landmark transaction represents the largest AI infrastructure investment in Norway.

Goldman Sachs International acted as sole structuring lead. The financing was arranged by ABN AMRO, DNB, and Nordea as mandated lead arrangers and bookrunners and Export Finance Norway (Eksfin) and SEB as mandated lead arrangers. The committed facilities comprise a US$725 million term facility and a US$65 million revolving facility. The financing also includes an uncommitted accordion feature of up to an additional US$790 million to fund further expansion at the Narvik site.

“This transaction demonstrates the growing institutional appetite for AI infrastructure investment and Norway’s position as a leading destination for sustainable, large-scale data centre development,” said JP Sweny. “It was a privilege to have advised Nscale on this groundbreaking financing.”

The Latham team was led by partners JP Sweny, Alexander Buckeridge-Hocking, and Jenn Engelhardt, together with associates Salvador (JJ) Jose, Nick Scott, and Ida Mohen. Advice on project development matters was provided by partner Quentin Gwyer and counsel Vanessa McLellan; and on hedging matters by partner Delyth Hughes with associates Nick Surry and Arlia Hie.