Magnora Data Center ASA has agreed to acquire a 50% interest in the Risti Kampus data centre project, a joint venture with the Estonian renewable energy group Sunly. It comes with 180 MW of grid capacity available today and a planned expansion to 400 MW.
European renewable-energy group Magnora Data Centre is a spin-off from Magnora ASA, an international conglomerate operating in Norway, Sweden, South Africa, Italy and the United Kingdom. It has listed separately in June 2026.
The company has been on a massive expansion spree, with Estonia now entering its investment orbit. The investor will finance half of a campus built beside the hybrid energy park Sunly is developing at Risti in western Estonia. The park pairs 244 MWp of solar with 144 MW of battery storage and 44 MW of wind, writes Sunly.
Grid capacity first, 400 MW later
The site connects to a substation with 180 MW of capacity available today, while zoning and cable route rights are being secured. An expansion to 400 MW is planned, subject to substation upgrades. Its position is highly strategic. Risti sits 60 km south of Tallinn and 150 km south of Helsinki, with round-trip latency to Helsinki under 5 milliseconds, on a fibre route that links the two capitals to internet hubs in Frankfurt.
“The site has good access to renewable energy, strong connectivity, and scalability,” said Erik Sneve, chairman of Magnora Data Center ASA. “We expect time-efficient project development. This combination matches well the demand from large-scale operators.”
A data centre campus next to Sunly’s hybrid park
Priit Lepasepp, chief executive of Sunly, said the Risti hybrid park “brings Sunly’s strategy together in one place”, with the data centre acting as a single large consumer alongside what the company expects to become the largest solar park in the Baltics. Under the joint venture, Sunly leads local execution, permitting and energy development, while Magnora Data Center leads commercial strategy, positioning and customer engagement.
Sunly has developed 1,000 MW of renewable energy capacity since 2019, now operating or under construction, and trades electricity on Nord Pool alongside selling electricity and heat to private and business customers. Its investors include Mirova, the European Bank for Reconstruction and Development, Copenhagen Infrastructure Partners, KLP, Vardar, the European Investment Bank, mBank and Rivage Investments. The company employs around 200 people and runs wind, solar and battery projects across the Baltics and Poland.
Magnora Data Center said the group’s balance sheet allows it to secure strategic positions and finance the development of projects through key milestones towards investment decisions. The developer pointed to Estonia’s record of drawing substantial foreign investment into digital infrastructure and technology, and to global AI companies that have recently entered the country, alongside a national target of 100% renewable-energy electricity consumption by 2030.
The Risti project follows Sunly’s plan for a €1.7B data centre campus in Estonia set out earlier this year. Magnora Data Center compared Estonia’s climate to Helsinki, Stockholm and Oslo while noting the World Bank ranks the country 19th of 216 on institutional quality.
Interested in investing in Estonia? Explore Energy opportunities. For tailored guidance, request e-Consulting from Invest Estonia’s advisors.
