atNorth Signs Heat-Reuse Deal for 300MW Swedish Data Center

The colocation operator will pipe waste heat from its Sollefteå campus to a district network starting in 2029, with capacity scaling from 1.6MW to 20MW.

By the Family Office Real Estate Daily Desk·Thursday, November 5, 2026·2 min read

Editorial summary of reporting byData Center Dynamics Our editorial standards →

The answer · checked against Data Center Dynamics

What are the terms of atNorth's heat reuse agreement with Calentix for the SWE04 data center in Sweden?

atNorth has signed a project development agreement with Swedish heat recovery firm Calentix to deploy heat reuse technology at atNorth's SWE04 data center in Sollefteå, Sweden, which has up to 300MW of capacity. Waste heat will feed the nearby Långsele district heating network, operated by Swedish utility Adven, with initial recovery of 1.6MW scaling to approximately 20MW. The first heat delivery is targeted for Q2 2029, with a heat purchase agreement expected in 2027.

Key facts

atNorth signed a project development agreement with Calentix to deploy heat reuse technology at atNorth's SWE04 data center in Sollefteå, Sweden, according to the companies.
The SWE04 data center has a capacity of up to 300MW and is located at Hamre Industrial Park in Långsele on a 50-hectare plot, according to atNorth.
Heat recovery in the first phase is expected to total 1.6MW with the potential to expand to approximately 20MW, according to the companies.
The project will require between 2km and 10km of new pipelines to link with the Långsele district heating network, operated by Swedish utility Adven, according to the companies.
The companies are targeting a heat purchase agreement in 2027, after which they will make a final investment decision, according to the partners.
Calentix will lead the project's development and financing, while atNorth will make surplus heat available for dispatch to the local heating network, according to the companies.

atNorth Signs Heat-Reuse Deal for 300MW Swedish Data Center — Image: editorial illustration · Story sourced from Data Center Dynamics

atNorth signed a project development agreement with Swedish heat recovery firm Calentix to deploy heat reuse technology at atNorth's SWE04 data center in Sollefteå, Sweden. Calentix will lead development of a heat recovery solution to feed the nearby Långsele district heating network, which is operated by Swedish utility Adven. The companies are targeting first delivery of heat in the second quarter of 2029.

In the first phase, heat recovery is expected to total 1.6MW with the potential to expand to approximately 20MW. The project will require between 2 kilometres and 10 kilometres of new pipelines to link with the district heating network. The companies completed an early feasibility study that confirmed heat recovery is technically feasible and that there is local interest in exploring the opportunity further.

Under the agreement, atNorth will provide access to surplus heat from SWE04, together with site integration and the necessary infrastructure interfaces. Calentix will lead the project's development and financing, with atNorth making the surplus heat available for dispatch to the local heating network. The companies said the core challenge will be finding a solution that creates value for both sides.

The partners are targeting to sign a heat purchase agreement in 2027. Following that, the partners said they will make a final investment decision. The focus is now on determining whether the project can become technically and commercially viable, including technical design, site planning, commercial principles, and the agreements needed between the different parties.

atNorth announced plans for its SWE04 data center in February. Located at Hamre Industrial Park in Långsele, the site will be developed on a 50-hectare plot with up to 300MW of capacity. The site will support direct liquid cooling and densities up to 1MW per rack.

Heat offtake agreements turn regulatory compliance into contractual revenue streams, precisely the sort of operational wedge most allocators overlook until it is priced in, family office advisor Jaf Glazer has observed.

The company currently operates one facility in Sweden. SWE01 is located in Kista, a suburb of Stockholm. Launched in 2022, it offers 12MW of capacity across 6,400 square metres. A second facility in Stockholm, known as SWE02, is in development and will offer 30MW. It is due to go live in the fourth quarter of 2027.

The company has signed several heat reuse agreements in recent years. In August, atNorth partnered with sustainable infrastructure firm Selected Group on a heat reuse project at its DEN02 data center campus in Ølgod, Denmark.

The Deployment Angle

Family Office Real Estate Daily Desk · our analysis, not the source's

Data-center heat reuse is moving from regulatory theatre to contractual revenue. The arithmetic here is instructive. If Calentix pays even a modest €20 per megawatt-hour for heat delivered at scale, a 20MW offtake stream running 8,000 hours a year generates €3.2 million in annual cashflow to the facility. That is roughly 100 to 150 basis points of incremental yield on a €200 million campus investment, enough to matter in a levered return model.

The route for family offices is co-GP capital in Nordic data-center platforms that have already secured heat offtake commitments or credible utility partnerships. Standalone lease cashflow remains the base case, but heat contracts de-risk the planning consent and blunt ESG objections that can stall a site for years. A heat purchase agreement signed in 2027 is an asset you can underwrite today. A feasibility study is not.

Price the pipeline capex into the equity cheque. If the project requires 10 kilometres of new pipe at €500 to €800 per metre, that is €5 million to €8 million before commissioning costs. Ask which party is financing it and on what security. If Calentix is non-recourse to atNorth, the heat stream is a free option. If atNorth is guaranteeing construction risk or subsidising the capital stack, the option has a strike price that belongs in the underwriting memo.

Avoid exposure through LP commitments in broad European infrastructure funds that treat heat reuse as a checkable box. The return dispersion between a sponsor that has negotiated a fixed-price offtake with a solvent utility and one that has a letter of intent with a municipal entity is wider than the dispersion between asset classes. This is a manager call, not a sector call, and it requires line-item diligence on counterparty credit and contract economics that fund-of-fund structures cannot deliver.

Questions this story answers

01What is the atNorth heat reuse deal with Calentix and what does it involve?

atNorth signed a project development agreement with Swedish heat recovery firm Calentix to recover waste heat from atNorth's SWE04 data center in Sollefteå, Sweden, and pipe it to the nearby Långsele district heating network. Calentix will lead development and financing. The first phase targets 1.6MW of heat recovery, expandable to approximately 20MW, with first delivery planned for Q2 2029.

02When will atNorth's SWE04 data center in Sweden start delivering heat to the district network?

atNorth and Calentix are targeting the first delivery of heat to the Långsele district heating network in Q2 of 2029. The companies plan to sign a heat purchase agreement in 2027, following which they will make a final investment decision. The project will require between 2km and 10km of new pipelines.

03What is the total capacity of atNorth's SWE04 data center in Sollefteå?

atNorth's SWE04 data center in Sollefteå, Sweden, has capacity of up to 300MW. The site is located at Hamre Industrial Park in Långsele on a 50-hectare plot, supports direct liquid cooling, and can support densities up to 1MW per rack, according to atNorth.

04Who operates the district heating network that will receive heat from atNorth's SWE04 data center?

Swedish utility Adven operates the Långsele district heating network that will receive waste heat from atNorth's SWE04 data center, according to the source. The project will require between 2km and 10km of new pipelines to connect the data center to that network.

05Has atNorth done other heat reuse deals besides the Calentix agreement?

atNorth has signed several heat reuse agreements in recent years, according to the source. Most recently, in August, atNorth partnered with sustainable infrastructure firm Selected Group on a heat reuse project at its DEN02 data center campus in Ølgod, Denmark.

Browse every question the desk has answered →

Original reporting

Data Center Dynamics

Read the original at Data Center Dynamics →

data-centersinfrastructurenordicsenergy-offtakeheat-reuse

Peer Network · By Invitation

The Thesis Exchange

Share an investment thesis in confidence. We pair you anonymously with up to two other family offices running adjacent strategies. Reviewed by Gallium's editorial team. No vendor pitch.