Polar lands $84M Palistar facility to fund European AI data center sites

Palistar Capital committed an initial €75 million development facility to Polar DC Group, with room to increase it through more lender commitments. At about 1.12 dollars per euro, that is roughly $84M. The money is meant for early-stage work such as land purchases, grid connections, design and permitting, so it funds projects before construction is underway.

The announcement is a milestone that adds up commitments made across 2026 rather than a single round. It sits on top of an €800 million senior secured Nordic bond priced in June, which Polar said drew four times demand and was upsized from €750 million. That bond refinanced existing debt at the Drangedal campus and supports facilities due online in 2026 and 2027.

For founders, the pattern matters: European AI infrastructure developers now stack equity, bonds and development-stage credit instead of relying on one lender. Facilities that finance sites before a tenant is signed carry more risk than operating loans, so their terms deserve as much attention as the headline total.