Project background

Lefdal Mine Data Centers is renowned for its innovative use of an old olivine mine, leveraging the natural cooling properties of the surrounding environment to create one of the greenest data centres in the world. The facility boasts a Water Usage Effectiveness (WUE) of zero, eliminating the need for evaporative cooling systems. Having earned industry recognition with awards for innovation in digital and AI infrastructure, Lefdal Mine Data Centers are poised for significant growth, with plans to expand and build out 120,000 square meters of whitespace and house up to 200 MW capacity.

Amberside Advisors' role

Initially, Amberside Advisors was brought on board in early 2024 to support the refinancing process in conjunction with Lefdal Mine Data Centers' refinancing advisor. The team provided input on the existing financial model and developed modified versions for valuation and liquidity/budgeting purposes. This pre-existing relationship with the sponsor laid the foundation for further collaboration.

Following the successful refinancing, Amberside Advisors produced an operational model for Lefdal Mine Data Centers. The modelling team, led by Rob Caroline, has built a bespoke model which is now used for reporting, valuation, management forecasting, and budgeting.

Challenges and solutions

One of the significant challenges faced during the project was the inability of the original model to accommodate alternative sets of assumptions or run the necessary liquidity analysis. Amberside Advisors addressed this by creating a bespoke macro-driven solution that allowed easy expansion of the contracts section, enabling the model to scale dynamically with Lefdal Mine Data Centers' expansion plans.

Additionally, the team had to manage currency conversion points, as the accounts were prepared in NOK while the reporting currency was in EUR. They also implemented bridging and changelog functionality to provide valuation bridges between reporting cycles.

Impact of expert advisory

Amberside Advisors' involvement has made a significant difference to Lefdal Mine Data Centers' financial forecasting and planning. The team provided keen insights and timely information, enabling effective short-term liquidity management. The robust operational model developed by Amberside Advisors has empowered Lefdal Mine Data Centers' management to effectively oversee the business on an ongoing basis.

Amberside Advisors' work with Lefdal Mine Data Centers exemplifies their expertise in financial and commercial advisory services. By providing tailored solutions and addressing complex challenges, Amberside Advisors has helped Lefdal Mine Data Centers achieve its goals and set the stage for future growth. This partnership highlights the importance of innovative financial modelling and strategic advisory in the success of modern data centres.