Lefdal Mine Datacenter has secured funding with UBS Asset Management to finance a facility expansion.

The company, which offers colocation space in a former mine in Norway, has secured a five-year financing arrangement, totaling €50 million ($61.1 million), to support the expansion of the data center beyond its existing 20MW capacity.

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“We are pleased with the completion of this credit facility, which strengthens LMD’s financial position. This improves our ability to benefit from increased market demand and invest in growth opportunities in the years to come,” said Jørn Skaane, CEO of Lefdal Mine Datacenter.

UBS Asset Management (UBS-AM) Real Estate & Private Markets (REPM) infrastructure debt platform (IDP) is the sole lender to the transaction.

“We’re pleased to have worked with LMD to finance the unique development of this unique data center location,” added Alessandro Merlo, Head of Investment, Infrastructure Debt at UBS-AM REPM. “We are pleased to also support one of the greenest data centers in Europe with very limited environmental footprint and CO2 emissions, in line with our commitment to responsible investing in real assets.”

A former olivine mine, the data center could potentially offer 120,000 square meters (1,291,669 sq ft) of white space and 200MW of power capacity once fully populated. Around 10MW is currently in use. Earlier this year the company added HPC company GO2CLOUD as a customer, leasing 4.5MW of capacity in the facility.

Columbia Threadneedle European Sustainable Infrastructure Fund (ESIF) took a majority stake in LMD last year. German Edge Cloud GmbH & CO KG, part of Friedhelm Loh Group, also has a stake.