AI‑infrastructure firm Volta is trying to raise $5 billion of debt for its first data centre in Norway. Lenders led by JPMorgan and Goldman Sachs say they need higher security and an interest rate of at least 11%, above typical data‑center financing. The deal includes a $1.5 billion order from investor Apollo and a $1.3 billion term loan from the banks. A unique clause would lower the rate if Anthropic, Volta’s main customer, earns an investment‑grade credit rating.
Why it matters
The higher cost and tougher terms signal tighter financing for AI data‑center projects, making it harder for new players like Volta to secure cheap capital.
