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Estonian company acquires largest data center in Baltics

Construction work at the site in February.
Construction work at the site in February. Source: ERR

The Estonian company Greenergy Data Centers has involved the Three Seas Initiative Investment Fund (3SIIF), an investment fund established within the framework of the Three Seas Initiative, as an investor and acquired MCF, the largest data center in the Baltics being established near Tallinn.

Greenergy Data Centers announced on Tuesday it had completed the acquisition of MCF Group Estonia OÜ, which is building a data center that is to be opened near Tallinn in 2021 and will have a maximum capacity of up to 20 megawatts.

With the transaction, 3SIIF acquired a controlling interest in Greenergy Data Centers OÜ, which, in turn, became the full owner of MCF Estonia OÜ, which is building the data center. The details of the transaction are confidential.

"Acquisition of the new data center to be built near Tallinn is the first step towards our goal of establishing energy-efficient data centers in the Central and Eastern European countries that have joined the Three Seas Initiative in the coming years," Ullar Jaaksoo, founder and head of Greenergy Data Centers OÜ said.

Joe Philipsz, senior investment director at Amber Infrastructure, investment adviser to 3SIIF, said: "The Greenergy platform and its first data center, MCF, will enhance digital connectivity through a network of energy efficient data centers across the Three Seas region. We are delighted that it we are working with such a high caliber team in this important first digital investment for the fund."

Jaaksoo said in light of growing data volumes, there is a demand for modern data centers in the entire Central and Eastern European region that are energy efficient and meet the highest security requirements.

"Upon the completion of the first phase of the new data center in the first quarter of next year, we will continue to expand the business model to other Central and Eastern European countries," he said.

The Three Seas Initiative Investment Fund (3SIIF), established under the Three Seas Initiative, is a fund for infrastructure investment planning in Central and Eastern Europe, focusing on the energy, transport and digital infrastructure sectors.

The Three Seas Initiative brings together 12 member states of the European Union located between the Adriatic, the Baltic and the Black Sea - Austria, Bulgaria, Estonia, Croatia, Lithuania, Latvia, Poland, Romania, Slovakia, Slovenia, the Czech Republic and Hungary. Partners include the United States and Germany. 

The Three Seas Initiative aims to promote cooperation, in particular in the development of infrastructure in the energy, transport and digital sectors. The objectives of cooperation are economic growth, the well-being of the population and increasing Europe's competitiveness, as well as energy security and an energy market based on open competition, and the achievement of climate goals through smart investment.


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Editor: Helen Wright

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