The Financial Case: Own The Stack
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?
Schedule
14:10–14:16Put 100 MW on The Table
Paal Skoe
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?
14:32–14:40The Contract Is The Asset
Magnus Løvlien Lutnæs
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.
14:40–14:48Where Does Real Estate Play`?
Anders Brustad-Nilsen
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?
