Mistral AI / EcoDataCenter Borlänge

Project stage Under construction

FJI source-qualified: four-document gate met, including project-specific government evidence. Qualification evidence and decisions →

Fjord Journal · Published October 24, 2026 · Sources reviewed October 24, 2026

Kvarnsveden, Borlänge, Dalarna, Sweden — Under construction; Mistral operation unverified.

Mistral plans an AI deployment at EcoDataCenter’s Borlänge campus. The municipality confirms the partnership’s Kvarnsveden location. Independent reporting documents construction at the campus, but operating Mistral IT capacity, GPU installation and customer acceptance have not been established. [S2 · Borlänge municipality; S6 · Siljan News; S7 · SVT Nyheter]

Delivery record

• September 24, 2025: EcoDataCenter announced the campus groundbreaking and an early-2027 first-center target. [S10 · EcoDataCenter]
• February 11, 2026: The partners announced a €1.2 billion long-term Swedish AI-infrastructure investment and a 2027 opening target. EcoDataCenter is responsible for underlying infrastructure; Vera Rubin is the planned NVIDIA GPU platform. [S1 · EcoDataCenter]
• Report published August 6, 2026: Siljan News reported construction of B1–B3, with Mistral planned for B3 and major internal installations still ahead. [S6 · Siljan News]
• Current operator page, checked October 24: First-phase completion is targeted for mid-2027. Completion timing is a forecast, not a dated acceptance milestone. [S11 · EcoDataCenter]

Capacity and capital boundaries

EcoDC’s April prospectus describes 23 MW of planned Mistral infrastructure without specifying IT-load basis. Separate reporting gives 12 MW IT design per initial building. The scope relationship is unresolved. Campus descriptions of 250 MW access and 600 MW expansion potential must not be assigned to Mistral. [S5 · EcoDC Holding AB (publ); S6 · Siljan News; S10 · EcoDataCenter]

The €1.2 billion announcement is not verified paid expenditure. No project-specific revenue, margins, utilization or investment return is established. Computing acceptance and the contractual start of payments remain important to understanding the economics.

Utility, Planning and Environmental Evidence

Ellevio’s 2025 annual report identifies a 246 MW connection agreement with EcoDataCenter and Borlänge Energi Elnät, signed late in 2024; work began in 2025. Its newer H1 2026 report describes ongoing connection development at Kvarnsveden with completion planned for the end of 2027. The relationship to customer-specific initial service dates remains unresolved. This is not proof of energized load, a Mistral allocation or 600 MW of secured supply. [A1 · Ellevio AB; A11 · Ellevio AB]

Borlänge Energi Elnät’s November 2025 consultation document describes two 145 kV underground connections and two 145/10 kV transformer stations. Its account of earlier regulatory decisions is not a substitute for the original decisions or final acceptance. [A2 · AB Borlänge Energi Elnät]

Municipal plan 673 concerns expanded building rights on existing industrial land. Its January positive planning notice and current pre-review work are distinct from adopted expansion rights. The consultation-plan description addresses an expansion application alongside existing permissions; it does not establish a complete current permit position. [S3 · Borlänge municipality; S4 · Borlänge municipality; A3 · Borlänge municipality]

The applicant’s May technical report describes backup combustion-input ratings of 760 MW under an earlier cited permission and up to 2,700 MW in an expansion application. These are not electrical output or IT capacity; the underlying court judgment has not been independently reviewed here. [S9 · Bengt Dahlgren Brand & Risk AB (municipal host)]

The municipal plan places the site within the water and wastewater service area and describes an existing district-heating connection. Actual water use, cooling performance and a signed heat-offtake agreement remain unverified. Profu’s heat-recovery work models both Falun and Borlänge and describes business models/agreements still in development; potential benefits cannot be assigned as delivered Borlänge output. [A3 · Borlänge municipality; A4 · Profu]

An October 12 original interview provides more recent construction reporting. Other primary contractor material documents wider-campus work; none establishes a completed Mistral deployment. [A6 · Dagens Näringsliv / Jörgen Städje; A7 · Bravida; A8 · ByggPartner; A10 · WSP]

Land and environmental constraints

The municipal consultation plan identifies EcoDC Borlänge AB as owner of Kvarnsveden 3:392. A September 2024 council resolution approved the property-company sale to EcoDC and described signed contracts. These records support site control at their dates; Fjord Journal has not reviewed a current land-register extract, the full purchase contract or a Mistral lease. The environmental application names EcoDC 2 AB, a distinct legal name; the record does not silently treat applicant, landowner and customer as one entity. [A3 · Borlänge municipality; A13 · Borlänge municipality; S9 · Bengt Dahlgren Brand & Risk AB (municipal host)]

The municipal plan describes metals and PAHs above industrial-use screening levels and elevated zinc at one groundwater sampling point, attributed to the former paper mill. EcoDC’s April prospectus also discloses known Borlänge soil contamination and possible remediation exposure. These are documented constraints, not a finding here of a permit breach or quantified liability. [A3 · Borlänge municipality; S5 · EcoDC Holding AB (publ)]

EcoDC’s 2025 sustainability report separately describes a construction-water incident: supplied concrete raised hexavalent-chromium levels, and the company says it collected and disposed of the water as a precaution. It also describes legacy-soil removal in consultation with the county authority and further management of remaining contaminated ground. These are issuer accounts; independent incident closure and a site-wide environmental all-clear were not established. [A14 · EcoDC Holding AB (publ)]

Company roles and disclosures

Mistral AI: planned AI customer/deployer. Official funding and legal information provide private-company context; no public quarterly statements were located. Funding rounds are company-wide, not a Borlänge expenditure record.

EcoDataCenter / EcoDC Holding: developer and operator. The April prospectus supplies dated Areim ownership information. Its Q2 2026 report contains actual public interim financial statements. Private equity ownership does not mean the group has no public reports; its bonds have a separate public-market disclosure framework. Figures in these reports are group-wide, not site economics.

NVIDIA: planned GPU platform named by the partners, not a verified purchase value or installed fleet. Official Q2 FY2027 statements, for the quarter ended July 26, provide company context only.

Bravida: confirmed wider-campus contractor. Its July SEK 650 million award is not identified as Mistral’s B3 contract. The latest actual Q3 2026 statements were published October 23. The current official investor page and quarterly report are linked below after resolving an older inaccessible destination. [S8 · Bravida]

Wider-campus participants: ByggPartner documents an initial hall, groundworks and power/redundancy package; WSP describes a PM12 building-reuse role; Tyréns describes grid-design work for Borlänge Energi. These records do not assign the contracts to Mistral. Official parent-company financial documents and supported private-ownership exceptions are linked below. [A5 · Tyréns; A8 · ByggPartner; A10 · WSP]

Financing scope: EcoDataCenter’s October 1 announcement describes a SEK 1 billion group green-bond issuance under a SEK 2 billion framework. The proceeds and refinancing program are not a disclosed Mistral-specific financing close, and independent settlement/payment evidence was not reviewed. [A12 · EcoDataCenter]

The 2025 annual report documents group construction financing: a September facility of SEK 4,434 million plus €203 million, with SEK 1,787 million plus €101 million drawn at year-end. It also describes collateral and covenant tests, and management then reported no indication of difficulty complying over the coming year. This is real group financing, not proof that Mistral’s announced €1.2 billion has been financed or spent at Borlänge. [A16 · EcoDC Holding AB (publ)]

The April prospectus disclosed restrictions on moving cash from operating subsidiaries to service holding-company bonds and no binding sponsor funding commitment. This is a dated financing-structure risk, not a finding of current default. [S5 · EcoDC Holding AB (publ)]

In separate corporate context, SVT reported on October 15 that Jämtkraft sought approximately SEK 140 million over the cancelled Östersund development. EcoDataCenter’s response was that the parties disagreed and the court should decide. This concerns another project; no judgment, Borlänge stop-work order or quantified Borlänge financing effect was established in this review. [A15 · SVT Nyheter]

Qualification and next evidence

The project-source gate is met by distinct government records, primary disclosures and independent reporting. Corporate disclosure coverage is recorded separately below; successful document checks do not certify construction completion or site economics. The public whole-project certification flag remains unchanged under the current pipeline; document-gate results are not a public certification badge. All recorded quantities remain excluded from operating-MW and paid-spending aggregates.

Next checks: reconcile Mistral’s 23 MW plan with the building-level IT design; verify the accepted deployment phase, installed GPUs and useful workloads; obtain project-specific power and financing terms; distinguish adopted expansion rights from earlier permissions. Follow-up also covers environmental-remediation evidence, material legal/financing changes and the conditions of underlying permits. The map now uses an approximate campus-vicinity point derived from the municipal plan-map grid for Kvarnsveden 3:392. It does not identify a surveyed parcel boundary, an entrance or Mistral’s building.

Fjord Journal · AI-assisted research from published documents; no interviews or site visit. Sources checked October 24, 2026. Read the related Spotlight for the capacity comparison.

Official Company Documents

NVIDIA

Named planned Vera Rubin GPU platform; no order value, installed fleet or site revenue established. Investor information · Financial statements: Q2 FY2027, quarter ended 2026-07-26 ·

Bravida Holding AB

Confirmed wider-campus installation contractor; neither award identifies Mistral B3 or site profit. Investor information · Financial statements: July–September 2026; report also presents January–September 2026 ·

EcoDC Holding AB (publ) / EcoDataCenter

Underlying infrastructure developer/operator; wider-campus scope and group finance differ from Mistral deployment. Investor information · Financial statements: Q2 2026, quarter ended 2026-06-30; also H1 2026 · Dated shareholder information ·

Ellevio AB

Utility describes 246 MW connection agreement and ongoing Kvarnsveden connection development; no energized Mistral allocation. Investor information · Financial statements: 2026-01-01 through2026-06-30 (half-year reporting; not a standalone quarter) · Dated shareholder information ·

ByggPartner Gruppen AB (publ)

ByggPartner wider-campus hall/groundworks contractor; no Mistral-specific allocation. Investor information · Financial statements: Q3 July-September2026 /9months · Dated shareholder information ·

WSP Global Inc

Wider-campus PM12 reuse/project-management role; not a Mistral GPU or delivery contract. Investor information · Financial statements: Q2 and6months ended2026-06-26 · Dated shareholder information ·

Mistral AI: Official legal notice and funding disclosure support private-company context; no public quarterly financial statements located. Funding disclosure does not establish a complete cap table or site finance. Official ownership / reporting evidence · Official ownership / reporting evidence

AB Borlänge Energi / AB Borlänge Energi Elnät: Municipally owned group and wholly owned network subsidiary. Official 2025 annual statements read; no public quarterly statement located. Annual group results do not allocate site connection payments. Official ownership / reporting evidence · Official ownership / reporting evidence · Official ownership / reporting evidence

Tyréns: Official foundation ownership documented; no public quarterly statement located. This is not a claim that statutory accounts do not exist. Official ownership / reporting evidence · Official ownership / reporting evidence

Source Documents and Scope

1. EcoDataCenter — EcoDataCenter partnership · 2026-02-11

   Mistral partnership, EUR1.2bn long-term Sweden infrastructure commitment; planned 2027 opening; EcoDataCenter designs/builds/operates; planned NVIDIA Vera Rubin. Not cash spent, installed GPUs, or accepted service.

2. Borlänge municipality — Borlänge municipal announcement · 2026-02-11

   Municipality confirms agreement and Kvarnsveden location. Its over-SEK12bn description is not independent accounting verification.

3. Borlänge municipality — Municipal plan 673 current status · Undated; checked October 24, 2026

   Expanded building rights within existing industrial land. Processing ahead of review; planned construction 2027. This is expansion planning, not evidence existing construction ceased or initial campus lacks all permits.

4. Borlänge municipality — Plan assignment decision · 2026-01-29

   Positive planning notice for part of Kvarnsveden3:392, applicant EcoDC Borlänge AB; increased height/development rights contemplated. Not adopted detailed plan, building permit or power acceptance.

5. EcoDC Holding AB (publ) — EcoDC Holding prospectus · 2026-04-01

   Prospectus approved April1. Describes Mistral EUR1.2bn/23MW planned AI infrastructure and 2027 operation. Ownership table: Areim Investment DC97.64%. Issuer has traded bonds; no blanket unavailable-financials exception. Regulator approval is not endorsement of project facts. Scope of23MW not explicitly IT load. Dated property acquisition, environmental and holding-company financing risks also reviewed.

6. Siljan News — Siljan News on-site tour · 2026-08-06

   Reporter toured works, identifies B1-B3 under construction and Mistral planned in B3; first three designed12MW IT each, B4 onward24MW. Major internal installations remain. Spring2027 service expected. Do not equate its past-tense invested claim with paid capex; unresolved23MW versus12MW basis/phase.

7. SVT Nyheter — SVT on-site report · 2026-02-11

   Dated works reporting and 2027 target; employment projections not achieved jobs. Distinct newsroom reporting, not an extra syndication of release.

8. Bravida — Bravida installation award · 2026-07-08

   SEK650m additional Borlänge data-centre electrical/industrial piping award; starts immediately through Q1 2028; recorded Q3. Not identified as Mistral B3 contract, revenue earned or margin.

9. Bengt Dahlgren Brand & Risk AB (municipal host) — Ammonia consequence assessment · 2026-05-05

   Four buildings under construction at report date. Cites Sep10 2025 Nacka court M372-25 permission for760MW installed supplied combustion power; application2700MW. Both backup thermal input, not electrical/IT power. Report is not court judgment and hosting does not make its assertions independent municipal conclusions.

10. EcoDataCenter — Groundbreaking disclosure · 2025-09-24

    Construction started; first centre early2027 target. Announced access250MW at launch/scalability600MW, not installed IT, commissioning or Mistral allocation.

11. EcoDataCenter — Current campus marketing page · Undated; checked October 24, 2026

    Up to600MW available power marketed, construction2025, first phase mid2027 target. Claims all environmental permits approved; not independently verified for expanded scope. Do not collapse early2027, spring2027, mid2027 into a verified delivery date.

12. Ellevio AB — Ellevio annual report2025 · Undated; checked October 24, 2026

    Connection agreement covers246MW for EcoDataCenter and Borlänge Energi Elnät in Kvarnsveden; signed late2024; connection works began2025. Agreement capacity and construction, not operating IT load, full energization, tariff, Mistral allocation or600MW secured supply. Report year2025; precise publication date not established.

13. AB Borlänge Energi Elnät — 145kV cable consultation ABEL2025/138 · 2025-11-06

    Utility identifies EcoDC Kvarnsveden3:392, planned two145/10kV transformers and two145kV underground links. Cites Nacka M372-25 decisionSep10 2025 and permit useSep24. Cites Ei exemption refusalJune13 case2025-101547, then preliminary consentSep15 case2025-103551. This is utility account of regulatory decisions, not direct judgment/Ei decision review. Its historic full-concession application process is not proof of current denial or unlicensed operation. No energized capacity evidenced.

14. Borlänge municipality — Municipal plan673 description · 2026-06-18

    Describes higher building rights and a parallel application to increase backup generation; existing760MW permission within property. Cites actual Sep10 2025 judgmentM372-25. Municipal water/sewer service area and existing district-heating connection described. Municipality identifies EcoDC Borlänge AB as parcel owner and describes legacy contamination. Consultation plan not adopted plan; it references permission sinceOctober2025 versus Sep10 judgment date and does not resolve legal effective dates. No measured water use, cooling-water contract, abstraction acceptance, heat sales or legal current-compliance finding.

15. Profu — Profu heat recovery study case · 2026-02

    Commissioned by Falu Energi & Vatten, Borlänge Energi and EcoDataCenter starting autumn2025. Models heat recovery from both Falun and Borlänge; economic analysis, business models and potential agreements remained in development. Modelled up-to40% combined heat system is not current delivered heat, signed offtake or Borlänge-alone attribution. Published summary not underlying full model.

16. Tyréns — Tyréns grid design · 2025-05-02

    Borlänge Energi commissioned design of two60MW stations,145/11kV, targeted commissioning at2026/2027 turn. Material/work through accepted facility included in scope. Historic design and target, not actual acceptance. Its240MW/360MW envelope differs from later250/600 marketing and246MW connection; do not add or silently equate. Utility later says145/10kV; engineering evolution/basis not resolved.

17. Dagens Näringsliv / Jörgen Städje — October site-manager interview · 2026-10-12

    Named site manager Björn Ahnell says several large buildings rising and first building taking shape; reporter interview is later dated corroboration of construction, initial2027 target retained. All photos credited operator; do not call photos independently acquired. Syndicated Byggnyheter copy is same work, not extra independent source. Speculative chip/cooling/environmental claims not adopted. No acceptance/commissioning.

18. Bravida — Bravida two-hall installation award · 2026-04-16

    OverSEK200m for electrical,power,lighting installation in two Kvarnsveden halls; work expected untilmid2027. Distinct earlier award from July additional-hall award. No hall numbers/customer match, earned revenue or margin. Do not assign to MistralB3 or sum as complete campus capex.

19. ByggPartner — ByggPartner Borlänge project · Undated; checked October 24, 2026

    Long-term partnering agreement for multiple data halls; initial call-off overSEK800m covers one hall, groundworks for future halls and power/redundancy infrastructure. Page date metadataOct16 2025 not verified award-event date. No first-hall equalsMistral inference; not paid cash, completed work, full campus budget. Listed parent corporate scope relevant if integrated.

20. Energimarknadsinspektionen — Ei regional grid application cases · 2026-04-29

    Regional Ellevio four145kV lines fromRepbäcken toHaggården/Kvarnsveden; cases2025-104634,104635,104636 and2026-100011. Page describes review and June5 comments deadline. Context only: page does not directly nameEcoDC; do not attribute all works or any delay to campus. Current decision requires e-diarium; web-reader link failed. No final decision verified.

21. WSP — WSP Kvarnsveden project context · 2026-05-25

    WSP says it manages EcoDataCenter-commissioned PM12 paper-machine-hall reuse project, about45000m2. Two phases,2026 nonstructural dismantling and2027 structural elements. This is construction/reuse role, notGPU/electrical equipment supply orMistral delivery contract. Its general commentary and operator capacity figures not independent verification.

22. Ellevio AB — Ellevio H1 2026 interim report · 2026-08-27

    Utility reports ongoing Kvarnsveden grid-connection development and a planned end-2027 completion. Actual H1 group statements also read. Connection-development timetable; relationship to each customer phase unresolved. No energized Mistral capacity or site financial allocation.

23. EcoDataCenter — EcoDataCenter green-bond issuance announcement · 2026-10-01

    Issuer announces SEK1 billion under a SEK2 billion framework, superseding the larger contemplated September issuance. Group refinancing/green-assets funding, not Mistral-ringfenced project financing or independently confirmed settlement.

24. Borlänge municipality — Borlänge council property-company sale approval · 2024-09-10

    Council approved sale of property-owning company to EcoDC; signed contracts described. Approval, not full closing/payment instrument.

25. EcoDC Holding AB (publ) — 2025 sustainability report: construction water and legacy remediation · Undated; checked October 24, 2026

    Issuer reports Borlänge concrete-related chromium-in-water incident and precautionary collection/disposal; describes legacy remediation. Self-report, not independent regulatory closure, compliance finding or proof of no environmental impact.

26. SVT Nyheter — Jämtkraft lawsuit concerning separate Östersund project · 2026-10-15

    SVT reports claim around SEK140m and EcoDC response concerning cancelled Östersund project. Corporate context only; not Borlänge litigation, adjudicated liability or verified financing impact. Filing not directly read.

27. EcoDC Holding AB (publ) — EcoDC Holding annual report 2025 · Undated; checked October 24, 2026

    Dated land, construction and actual group financing disclosures; security/covenant context. Group financing is not Mistral-ringfenced capex; dated management statement is not an updated covenant opinion.