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Full programme

Session

The Financial Case: Own The Stack - 10th Floor - Kranløftet

14:10–15:0050 min

Energy First Real EstateEnglish
The 100 MW investment case: Who funds it, owns it, gets paid?


A data centre, after all,  is land, power, permits, fibre, buildings, customers, financing and operations stacked on top of each other. Where in the AI infrastructure value chain should property capital play? 

With a 100 MW Norwegian project on the table, we follow the money from powered land to contracts and concessions to operating infrastructure.

When does development risk become bankable debt, and when does a data centre become an infrastructure asset? Who should own each layer, and what return are they being paid for risk? 

Agenda

  1. 14:10–14:16

    Put 100 MW on The Table

    Land. Power. Permits. Fibre. Customer. Construction. Operations.

    A powered site is not yet an operating data centre. We map the project and ask where value is actually created as risk is taken out.

    Where does a real project become an investable one?

  2. 14:16–14:24

    What Makes 100 MW Bankable?

    Secured power is not enough.

    DNB explains when a promising project become bankable?what a lender actually needs to see in customer contracts, permitting, construction risk, guarantees, collateral, and cash flow before billions in debt become available.

  3. 14:24–14:32

    When Does Development Become Infrastructure?

    Development capital takes early risk. Long-term infrastructure capital wants predictable returns.

    Erik Botnevik of Infranode talks about the point when land, power and contracts become an asset institutional capital wants to own? And what happens to returns as the risk comes out?

  4. 14:32–14:40

    The Contract Is The Asset

    A data centre looks physical, but much of its bankability sits in contracts. Power, grid access, customer commitments., construction guarantees, availability, security, and step-in rights.

    Magnus Løvlien Lutnæs of DLA Piper explains how a powered site creates potential - but contracts turn it into financeable infrastructure.

  5. 14:40–14:48

    Where Does Real Estate Play`?

    Real estate knows land, development, leases, and long-term ownership. Data centres add power, technical infrastructure, and operating risk.

    This short keynote asks whether Real Estate should just own the land. Develop the powered site? Build the shell? Stay in for the infrastructure yield? Partner with an operator? Where does real estate have an edge, and where does it stop being real estate?

  6. 14:48–15:00

    The 100 MW Cap Table

    All our contributors now put the full capital stack around the same project.

    Who owns what? Who takes which risk? Who provides the debt? Who takes the development return? Who wants the long-term yield? 

    And for the real estate owner: Having heard the full stack, where would you put your own capital?

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