The Energy Equation: CPP & Equinix's Acquisition of atNorth

Equinix and CPP Investments have agreed a joint acquisition of leading Nordic data centre operator atNorth in a US$4bn deal that strengthens their presence in one of Europe’s fastest growing energy and AI infrastructure markets.

Under the agreement, subject to regulatory approval, CPP Investments will take a 60% controlling stake, while Equinix will hold the remaining 40%. A US$4.2bn financing package has been arranged by European and Canadian lenders to fund future expansion across the region.

atNorth will retain its brand and management team as it expands operations across Denmark, Finland, Iceland, Norway and Sweden.

atNorth operates eight data centres, with several additional sites under development. The company has secured 1GW of power and has further capacity planned to meet demand from hyperscale, enterprise and AI customers.

Facilities are designed to support high-performance computing and AI workloads, with several sites equipped for liquid cooling to handle high-density deployments.

Across its portfolio, atNorth integrates renewable energy sourcing, heat reuse and modular design to reduce environmental impact.

Expanding capacity with clean energy

atNorth operates eight data centres with several projects in development, securing 1GW of power to meet the rising demand for high-performance computing and AI workloads.

Its facilities are designed for high energy efficiency and scalability, integrating renewable power, waste heat reuse and modular build techniques.

Some sites already feature liquid cooling systems to support high-density deployments, which are becoming central to energy management in next-generation computing environments.

The company’s approach aligns with growing demand from hyperscale and enterprise customers for sustainable power-backed digital infrastructure.

Eyjólfur Magnús Kristinsson, CEO of atNorth, says: “This acquisition is a powerful validation of atNorth’s journey and its market position as the leading Nordics data centre platform. It further illustrates the strategic importance of the region as Europe’s rising AI powerhouse.

“I’m extremely proud to announce the next step in our chapter, welcoming this investment from CPP Investments and Equinix, which will enable access to capital, global enterprise, and hyperscale relationships, and supply chain strength required to scale at pace.

“Our strategy remains firmly rooted in the Nordics, and we will continue to operate independently under the atNorth brand, preserving our dedication to the communities where we operate and the culture and values that have defined our success to date.”

Investor focus on energy-efficient data growth

For CPP Investments, the deal extends its partnership with Equinix and reinforces its long-term commitment to energy-secure digital infrastructure.

Maximilian Biagosch, Senior Managing Director & Global Head of Real Assets at CPP Investments, says: “This transaction builds on our long-standing and highly productive relationship with Equinix. It demonstrates our conviction and commitment to the data centre sector, where demand continues to accelerate, fueled by continued strong enterprise demand as well as cloud and AI adoption.

“The Nordics are an attractive market for data centre growth and the opportunity to partner with Equinix on this acquisition allows us to deploy capital at scale into a high-quality platform, helping us deliver attractive risk-adjusted returns for CPP contributors and beneficiaries.”

Equinix sees atNorth’s energy-backed capacity as complementary to its connectivity-led infrastructure model.

Elsewhere, Bruce Owen, President Equinix's EMEA operations, says: “The scalable sites of atNorth are very complementary to Equinix’s connectivity services and global footprint.

“Combined with our joint focus on sustainability, this acquisition is expected to enhance our ability to help customers unlock the full potential of the Nordics’ expanding digital landscape.

“For businesses looking to scale with resilience, Equinix offers a future-ready infrastructure for long-term success, maintaining the jurisdictional and data sovereignty of organisations operating in the region.

“We are delighted to partner with CPP Investments, whose long-term track record of investing in the sector is highly complementary to Equinix’s connectivity services.”

Esther Peiner, Partner and Head of Infrastructure at Partners Group, says: "Data centres are scale-driven businesses. Across our portfolio, we have adopted a platform-building strategy by starting with a smaller base and then leveraging our expansion toolkit.

"This allows us to tailor our approach to each platform, optimising our exposure across diverse markets and customer types while improving overall risk-return profile.

"While the sale of atNorth marks a successful control exit from our data centre portfolio, we remain thematically focused on data centre assets across the globe."

The Nordics’ renewable advantage

The Nordics remain a global benchmark for energy-secure AI and HPC infrastructure thanks to abundant renewable resources, cool climates and supportive regulation.

The region’s established research networks and engineering expertise continue to attract data-led investment.

With 1GW of secured power and additional projects planned, atNorth is positioned to expand sustainably while meeting hyperscale and AI-driven requirements.

Backed by new capital from CPP Investments and Equinix, it will accelerate clean-energy data infrastructure development while retaining operational independence.