VivoPower PLC (NASDAQ: VIVO) has shortlisted AI operator tenants for its 41.5MW Mo i Rana data center in Norway following completion of a competitive request for proposal process. The company expects to finalize agreements with selected tenants by June 30, 2026.

The data center facility, acquired by VivoPower on April 21, 2026, currently generates $31 million in annual revenues and $10 million in EBITDA. The company received multiple formal offers during the tenant selection process, including unsolicited acquisition offers for all or part of the asset at a premium to VivoPower's acquisition price, which were rejected.

The Mo i Rana facility operates on 100% renewable hydroelectric energy at a cost below $0.035 per kWh. An additional 40MW of expansion capacity could be energized within 18 to 24 months subject to regulatory approval, potentially bringing total site capacity to over 80MW.

VivoPower evaluated tenant candidates based on commercial terms including lease rates and contract length, financial strength, operational alignment, strategic fit with the company's infrastructure strategy, and capacity expansion options.

The company, founded in 2014 and listed on Nasdaq since 2016, operates data center and powered land infrastructure across Norway, Finland, and the United Arab Emirates. VivoPower describes itself as a B Corporation focused on developing sustainable data center infrastructure for sovereign nations.