Bitzero secures 110 MW Norway lease worth $2.6 billion over 15 years
EIX•Bitzero signed a 15-year lease with OneQode for 110 MW at its Namsskogan, Norway site, implying $2.6 billion in revenue over the lease term. The deal carries a $135/kW monthly rate with a 3% escalator and could yield annual NOI of $151 million at 85% margin.
1. Lease Agreement Details
On May 5 Bitzero signed a binding 15-year lease with OneQode for its 110 MW Namsskogan, Norway site, implying $2.6 billion in aggregate lease value.
2. Revenue and Margin Outlook
The lease rate of $135 per kilowatt per month includes a 3% annual escalator, implying full utilization revenue of $176–178 million and estimated annual NOI of $151 million at an 85% margin.
3. Expansion Pipeline
Bitzero holds development capacity beyond 300 MW in Norway, a 1 GW campus in Finland, and a 225,000-square-foot North Dakota complex, positioning it for further AI compute and mining growth.
4. Strategic Positioning in AI Infrastructure
Leveraging low-cost hydroelectric and nuclear power, Bitzero transitions from Bitcoin mining cash flows to contracted AI data-center capacity, capturing infrastructure revenue without direct power costs.
