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Columbia Threadneedle fund buys majority stake in Norwegian 'green' data center

Columbia Threadneedle has acquired a majority stake in a data center located in a former mine in Norway for one of its sustainable funds. The US asset manager expects strong growth in the data center market.

Lefdal Mine Datacenter in Norway. | Photo: Lefdal Mine Datacenter/PR

US asset manager Columbia Threadneedle Investments sees data centers as a rapidly expanding industry due to the rise of cloud computing, artificial intelligence and the 'Internet of Things'. In order to profit from this expected growth, one of the asset manager's sustainable funds has acquired a majority stake in Lefdal Mine Datacenter (LMD), based in Norway.

The data center is located in an underground mine and uses cold sea water from an adjacent fjord for cooling and renewable energy to power its operations, according to a press release from Columbia Threadneedle that did not reveal the size of the transaction.

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