Palistar commits €75m as Polar DC passes €1bn for 2026

Polar DC has secured more than €1 billion in funding commitments during 2026, including a €75 million ($83.1 million) development facility from Palistar Capital, according to Data Center Dynamics.

Polar DC's 2026 funding includes the Palistar facility, which is €75 million at signing and can grow past that if Palistar brings in more lenders. It funds early-stage development in Finland and Germany: land acquisition, grid connections, and design and permitting work. The €1 billion 2026 total also includes further investment from existing shareholders H.I.G. Capital and LIAN Group, whose contributions were not sized.

The Palistar facility carries development and interconnection risk rather than contracted capacity. The €800 million Nordic bond issued in June is tied to delivery of contracted Norwegian developments.

Palistar runs about $3.1 billion of assets under management, concentrated in private equity and structured investments in mission-critical digital infrastructure. Streif Capital Partners advised Polar on the debt. H.I.G. Capital acquired its majority stake in October last year, and Polar launched in 2025.

CEO Andy Hayes split the funding by market: the June bond "provides the financial foundation for our Norwegian developments," he said, while the additional backing from H.I.G., LIAN and Palistar "supports our next phase of growth in Finland and Germany."

The bond is earmarked for DRA02 and HER01, two contracted Norwegian projects. Separately in Norway, Private Wealth Daily reported in October that Crusoe and Polar DC would build a 40MW second building at a campus, beside a live 12MW facility hosting Crusoe Cloud AI infrastructure.