AI factory developer · Europe

AI factories, built to suit, where power is ready.

We turn powered land into AI factories, faster and cheaper than the established hubs. First: Nebius’s 22 MW NVIDIA GB300 cluster in Tallinn, live 2026. Next: Vera Rubin-ready capacity from 2028, across the Baltics and Central Europe.

The Tallinn AI factory Partner with us

Phase I: 22 MW; GB300 · live 2026
Next capacity: 2028; Vera Rubin-ready
Campus: ~200 MW; grid application filed
Anchor customer: Nasdaq: NBIS

Greenergy Data Centers · Tallinn, Estonia

The Baltics’ first AI factory goes live in Tallinn in 2026.

Nebius deploys 22 MW of NVIDIA GB300 at Greenergy Data Centers, our Tallinn site, in late 2026: on public disclosures, the region’s largest single-site NVIDIA deployment this year. Next phase early 2028, Vera Rubin-ready.

Publicly quantified single-site NVIDIA AI deployments · commissioned IT load

Aerial view of the Greenergy Data Centers facility in Tallinn with the Harku high-voltage substation behind it

Shaded: 22-country comparison region; grey: other operators. Publicly quantified single-site NVIDIA IT load by end-2026, disclosures to 14 Aug 2026. Photo: Greenergy Data Centers.

22 MW: NVIDIA GB300, live late 2026
~€100m: expansion under construction
~200 MW: grid application filed
2028: Vera Rubin-ready capacity
0 litres: of water to cool servers
~200: people on site at peak

Sources: press releases Jul–Aug 2026; hardware roadmap per Tensor Estate.

Owner and operator

MCF Group Estonia (3SIIF and Tensor Estate) builds and runs the facility.

Customer

Nebius rents capacity and installs its own NVIDIA hardware.

Host country

Estonia keeps the building, the grid, the spend and the taxes.

2022
Greenergy Data Centers opens next to Elering’s Harku 330 kV substation, built for expansion from day one.
Jul 2026
Tensor Estate becomes a shareholder. ~€100m expansion starts; ~200 MW grid application filed.
Aug 2026
Nebius announces 22 MW, its first deployment in the Baltics.
Late 2026
22 MW of NVIDIA GB300 live: the Baltics’ first AI factory.
2027 – 28
Larger clusters follow elsewhere in Europe in 2027. Early 2028: next Tallinn capacity, designed for Vera Rubin.

Proven operations

The site is run by the team that built it: leadership with 50+ years of combined critical-infrastructure experience, a 24/7 in-house NOC, and 100% availability since 2022 commissioning. Independent audit by Drees & Sommer scored operational maturity at 83%, above the 80.5% industry benchmark.

EN 50600 · Level 3 design & operations
ISO 9001 · quality management
ISO 27001 · information security
PCI DSS · payment card security

Anchor customer · Nasdaq: NBIS

Read the release

What we do

Powered land into operating AI factories, anywhere in Europe with fast access to power.

Operating in Estonia. Sourcing powered land in Latvia, Lithuania, Poland, Czechia, Slovenia, Romania and Bulgaria, and open to any European site with a credible path to power.

Develop

Powered land into AI factories

Grid, permits, design, contractors, financing and the customer. Built to suit the tenant’s hardware, not retrofitted colocation.

Own and expand

Shareholder in operating capacity

Shareholder in Greenergy Data Centers, Tallinn, alongside 3SIIF. Campus heading for ~200 MW.

Bring customers

AI cloud and hyperscale operators

We bring the tenant. Nebius first: 22 MW of NVIDIA GB300 in Tallinn.

Where we work

Operating. Tallinn: ~200 MW grid application, next capacity 2028.
Sourcing. Latvia, Lithuania, Poland, Czechia, Slovenia, Romania, Bulgaria. Published once secured.
Open to. Any European site with a credible path to 50 MW+.

AI-native

Liquid-ready halls, closed-loop cooling, phased power designed around the cluster.

Great value

Up to 41% cheaper to build than Sweden; 0% tax on retained profit.

Fast

Grid-anchored sites, digital permitting: signed in Q2 2026, live by year end.

The time value of compute

Every month a megawatt waits, its value is gone for good.

A live megawatt earns its operator €6–8m a year, so a date you can believe is worth more than anything else. We optimise for time to power.

€6–8m

operator EBITDA per live MW per year

SemiAnalysis, Jul 2026

€58m

value of one month earlier on a 100 MW campus

Tensor Estate model

6–18 mo

to a grid connection on our sites; 8–10 years in London or Amsterdam

CBRE 2026; TSO data

~12 mo

faster to energisation than a conventional build

Tallinn actual

Brownfield to live IT in ~18 months, greenfield up to 36.

Partner with us

Need a home for GPUs? Have power or land? Want to invest?

Capacity from early 2028, designed for NVIDIA Vera Rubin, with a live reference in Tallinn.

AI clouds · hyperscalers · sovereign and enterprise GPU deployments

Host your GPU deployment with us

Built-to-suit halls for 20–200 MW of liquid-cooled GPUs. Capacity from early 2028, designed for Vera Rubin. Visit a live 22 MW GB300 site today.

Single-tenant AI-spec design: liquid-ready, closed-loop cooling, 2N utility power
Energy metered pass-through, no mark-up
EU/NATO jurisdiction, low latency to Nordic and Central European hubs

Request capacity

Landowners · developers · energy developers

Develop your site with us

We co-develop or acquire powered sites and take them through grid, permits, design, contracting and leasing.

50 MW+ grid connection, or a credible path within 24 months, anywhere in Europe
Industrial zoning or a realistic permitting route; fibre within reach
Generation or storage that needs a flat 24/7 offtaker

Propose a site

Investors

Invest in European AI infrastructure

Real assets on long leases with international AI operators, backed by Estonia’s leading entrepreneurs and institutional co-owners.

Equity in the platform and in project companies
Project debt against long-term leases with credit support
Joint ventures with energy companies and infrastructure funds

Talk to us about investing

Why Estonia

Nordic-grade power, grid and security, at Central European cost.

Everything that took AI factories to Finland and Sweden, at the region’s lowest construction cost.

tax on retained and reinvested profit

Invest in Estonia

66%

renewable share of production, trailing 12 months

Elering, live

OECD tax competitiveness, 12 years running

Tax Foundation 2025

Index of Economic Freedom

Heritage 2026

5.4%

of GDP to defence from 2026

Government of Estonia

~1.6 ms

Tallinn ↔ Helsinki round trip

Carrier DWDM measurement

Cheaper to build and run

Up to 41% below Sweden to build; €50–80m saved on a 100 MW facility.
0% tax on retained profit, land tax only.
Cool climate, low PUE, heat reuse into district heating.

Secure by design

EU and NATO; home to the NATO Cyber Defence Centre and eu-LISA.
Digital state: fast permitting; a live AI factory since 2026.

Sources: Eurostat 2024; Tax Foundation 2025; Heritage 2026; Government of Estonia.

Construction cost, EU = 100

Eurostat price level index · 2024

Estonia75
Iceland107
France109
Netherlands111
Finland112
Norway114
Ireland118
Denmark121
Germany122
Sweden128

Estonia

25% below EU average

vs Nordics

−35%

Nordic average 116

vs FLAP-D

−35%

FLAP-D average 115

FLAP-D: Frankfurt, Amsterdam, Paris, Dublin (London outside EU data). Source: Eurostat

Power

Live market prices, a ring-operated grid, generation waiting for a buyer.

Prices and renewable share are pulled live from Elering and Eurostat.

…

per MWh, Nord Pool Estonia, 12-month average

Elering, live

…

per MWh all-in for a 100 MW consumer at 330 kV (spot + €22.4 grid stack)

Elering price list 2026

66%

renewable share of production, 12-month average

Elering, live

…

vs. large-consumer prices in Frankfurt, Amsterdam, Paris, Dublin (Eurostat )

Eurostat nrg_pc_205

Day-ahead prices, last 12 months

€/MWh · monthly average · excl. VAT

Loading live prices from Elering…

The Jan–Feb 2026 cold snap lifts the average; recent months clear near €50/MWh. Finland taxes data-centre power at ~€23/MWh since July 2026; Estonia €0.5–2.1.

What a large consumer pays on top of spot

€/MWh, 330 kV, 100 MW, 80% utilisation, Elering Package II.

Transmission capacity and point feesElering 330 kV Package II, spread over ~700 GWh/yr	1.90
Security-of-supply feefrom Jan 2026	7.58
Balancing capacity feefrom Jan 2026	3.73
Renewable energy charge2026 rate, paid in full	8.40
Electricity exciseelectro-intensive rate (NACE 63); standard €2.10	0.50
Balancing and BRP overheadimbalance on ~0.7% of volume	0.25
Total grid stack	22.40

Large-consumer electricity price by market

€/MWh · Eurostat · ≥150 GWh/yr · excl. VAT

Loading Eurostat benchmark…

Estonia: live Nord Pool 12-month average + grid stack. Others: Eurostat, consumers above 150 GWh/yr.

Loading renewable share data...

A grid planned for large loads

Record peak 1,723 MW (Feb 2026); 2030 forecast 1,972 MW. Gigawatt loads phase in with Elering’s grid build-out.
Imports ~2.3 GW (Finland 1,016 MW, Latvia ~1,260 MW); EstLink 3 and a fourth Estonia–Latvia link planned for 2035–38.
Ring-operated 330 kV grid, 99.99% reliable; ~€2bn of grid investment to 2038, including a new 330 kV Tallinn ring.

Generation waiting for a buyer

Baltic wind and solar 6.6 GW, heading for ~10 GW; Estonia 694 MW wind, ~1.3 GW solar.
~1.7 GW of storage in the connection queue (~230 MW online); 500 MW pumped hydro planned.
Renewables 68% of production in 2025; target 65% of consumption by 2030. Long-term offtake takes projects to FID.

8.3 → ~15 TWh

annual consumption 2025, and with 1 GW of AI load

Elering; Tensor Estate

1,723 MW

record peak demand, 5 Feb 2026

Elering

99.99%

grid reliability, 2025

Elering Annual Report 2025

property tax on buildings; land tax only

EMTA

Sources: Elering Security of Supply Report 2025 (Dec 2025), Grid Development Plan 2026–2035 (Jul 2026), Annual Report 2025, price list May 2026; Eurostat nrg_pc_205; Finland Act 1352/2025. Live feeds refresh daily.

Connectivity

Nine subsea cables, three owners, 1.6 ms to Helsinki.

Diverse subsea routes north, DWDM south to Frankfurt, a new Baltic Sea system in 2027. Round trip from Tallinn:

Round-trip latency from Tallinn · carrier DWDM measurements

Helsinki1.6 ms
Riga4.9 ms
Stockholm7.8 ms
Warsaw15.4 ms
Frankfurt25.1 ms
Amsterdam25.4 ms
London30.0 ms
Paris31.3 ms

subsea systems to Finland and Sweden (Elisa, CITIC, Arelion)

2027

GlobalConnect 550 km Baltic Sea system, AI-ready

3,000 km

Baltic DWDM backbone Helsinki → Frankfurt, 1+1

1.6 ms

to Helsinki: one metro across the gulf

Carrier DWDM measurements 2026; Elisa, CITIC Telecom CPC, Arelion, GlobalConnect, Telia.

Value for the host community

An export industry that uses no water to cool, shares grid costs and can heat homes.

€1.4–1.6m

into the local economy per MW per year

Tensor Estate model on FDCA/Ramboll data

€0.44–0.65m

of it Estonian tax and levies per MW per year

Tensor Estate model

7 jobs

per MW in operation; 38 job-years to build

Ramboll for FDCA, 2025

3.3 MW

of new generation underwritten per MW, no subsidy

Tensor Estate model

Zero water for cooling

Closed-loop cooling; water for domestic use only.

Heat for homes

Nebius exported 19.5 GWh of waste heat to district heating in Mäntsälä in 2025.

A better grid for everyone

A flat 24/7 load spreads fixed grid costs over more kWh.

New generation gets built

Long-term PPAs are what let banks finance wind, solar and storage.

22 MW phase: €32–36m a year, €10–14m of it tax and levies, €8–15m GDP. Ramboll/FDCA intensities at Estonian wages and 2026 rates, renewable charge and excise included; IT equipment excluded.

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