OP Corporate Bank plc grants 8 million euros for the construction of Tet’s new DC7 data centre

The total investment volume of the project is 27 million euros. Of this amount, 8.151 million euros is long-term financing granted by OP Corporate Bank plc for the construction of the data centre, and 8.151 million euros is a loan from ALTUM, secured by a performance guarantee from OP for the same amount.

“DC7 is a strategically important investment in the development and strengthening of Latvia’s digital infrastructure. The rapidly growing volume of data requires secure solutions for data processing and storage, therefore it is crucial that DC7 will provide companies and government institutions with a reliable and modern environment for the operation of critically important IT systems. We highly value Tet’s contribution to the development of innovative technologies and are pleased to support a project that will enhance the country’s competitiveness and digital security,” says Elmārs Prikšāns, General Manager of OP Corporate Bank plc Latvian branch.

He also highlights the project’s sustainability aspect in particular – it will serve as an excellent example of implementing circular economy principles by using the heat generated by servers to warm homes in the surrounding area.

The State Secretary of the Ministry of Economics, Raivis Bremšmits explains: “The Large Investment Loans Programme was created specifically for projects such as Tet’s DC7 data centre – strategically important, with high added value and a significant impact on the country’s competitiveness. Infrastructure of this level requires substantial investment, and the involvement of ALTUM and the state enables companies to implement projects that would otherwise be more difficult to finance solely with private sector resources.”

“DC7 is not only an important project to Latvia’s economy and development – it also has significant international relevance. A substantial share of Tet’s export turnover comes from data centre and cloud services business. We are one of the leading data centre service providers in Ukraine and are also actively expanding in other markets. Interest in locating data in DC7 is growing every day – already now, approximately 200 kW of capacity has been reserved for customers in the data centre currently under construction, including companies from Ukraine,” emphasises Uldis Tatarčuks, CEO and Chairman of the Management Board of Tet.

At the same time, Tet is purposefully working on development projects, with a particular focus on the development of artificial intelligence (AI) solutions, such as Tet GPT, and on providing modern graphics computing capacity in cooperation with market leaders such as NVIDIA.

“By implementing these latest technologies, we help our customers become more competitive both regionally and globally. The DC7 project and Tet’s development priorities demonstrate Tet’s and Latvia’s ambition to become an international technology leader,” adds U. Tatarčuks.

The upcoming Tet DC7 data centre n in Salaspils will ensure high standards of security, availability and infrastructure in line with Uptime Institute Tier III Design Certification. The data centre will be equipped with modern liquid cooling systems, automated engineering system management solutions, and heat recovery technologies which will significantly improve energy efficiency. In addition, the heat generated during server operation will be recovered and directed into the “Salaspils Siltums” district heating network, providing heating and hot water supply to residents. Upon completion of the project, Tet will become the only service provider in Latvia with two Tier III certified data centres – Dattum and DC7.

About Tet

Tet is one of the largest technology companies in the Baltics, creating innovations for both home and business, and is powered by a team of more than 1,000 employees. The company provides security solutions to strengthen the state’s critical infrastructure, Latvia’s most extensive fibre-optic internet infrastructure, reliable and high-quality TV, internet, electricity and e-commerce services, as well as integrated IT&T solutions for businesses in Latvia and in export markets. Tet develops the most innovative technological solutions in the field of IT security, develops OTT services and produces original TV content. The Tet Group also includes its subsidiaries Citrus Solutions, Helio Media and the Baltic Computer Academy.

About OP Corporate Bank plc Latvian branch

OP Corporate Bank plc is the central bank of OP Pohjola (formerly OP Financial Group), Finland’s largest financial services provider. It began operations in Latvia in 2012 and is currently one of the leading banks in Latvia in terms of loan volume issued to medium and large enterprises. OP Corporate Bank plc Latvian branch provides financial services to leading companies in Latvia and plays an important role in the long-term development of the country and the entire region.