Bottom line: Across the four Norwegian facilities we track, Green Mountain has the best-documented Green-axis case in the batch — operator-published, per-site PUE and a named, quantified, currently-operating heat-reuse project at Rjukan. None of that changes the Sovereign picture: Green Mountain is 100% owned by Israel’s Azrieli Group, and its largest single site anchors a China-linked tenant. Green Mountain replied to our questions on 27 August 2026, and their answers have changed this page in two material ways — one of which corrected a factual error we had published and should have caught ourselves.
What checks out
- Per-site operator-published PUE, all four sites, from greenmountain.no’s own facility pages: SVG-Rennesøy 1.18 (25 MW, 22,600 m²); TEL-Rjukan 1.08–1.20 (50 MW, 29,000 m²); OSL-Enebakk 1.20 (93 MW, 75,000 m² — this resolves what had been a bare 25–75 MW third-party range); OSL-Hamar 1.2 (150 MW planned, 90 MW built).
- OSL-Hamar status corrected to operational — three buildings now complete, TikTok has committed to the full 90 MW built with an option to expand to 150 MW. Previously listed as under construction.
- One active heat-reuse project, named and quantified: Hima Seafood at TEL-Rjukan. Green Mountain confirms the system is in operation, transferring waste heat through a closed pipe system to Hima Seafood’s land-based aquaculture facility, where it is used to raise water temperature. 1.75 MW is confirmed as the current delivered figure (confirmed by Green Mountain in response to our questions, August 2026).
- Leadership: Truls Dishington became Managing Director Nordics on 22 May 2026, an internal promotion (joined 2016, COO since 2017), succeeding Halvor Bjerke.
What the reply changed
The Norwegian Lobster Farm project has ended. We previously presented it as one of two active heat-reuse projects. Green Mountain confirms the collaboration is over and the project is no longer running, and has asked that it not be described as ongoing. It ran from 2021 at SVG-Rennesøy, was EU Horizon 2020-funded, and was the world’s first land-based lobster farm — that history stands, but it is history. It does not count toward Green Mountain’s present heat-reuse position, which now rests on Rjukan alone.
Rjukan alone is still a strong case: a named offtaker, a confirmed operating system, and a quantified 1.75 MW. But “two named projects” was the stronger claim, and it is no longer available to us.
The 8 MW scale-up is under evaluation, not scheduled. Our earlier wording — a feasibility study “underway to scale to 8 MW” — implied a firmer trajectory than exists. Green Mountain confirms a potential expansion to 8 MW is being assessed with no fixed timeline for phase two. It should be read as a possibility under evaluation, not a plan with a date.
The sustainability reporting is explicitly unaudited. Green Mountain confirms the 2025 report is self-reported, and that PUE and emissions data are not third-party audited. The report is prepared with reference to the ESRS framework, which the company describes as a deliberate transition from its previous reporting practice. Our earlier reasoning — that ESRS alignment gives a stronger evidentiary basis than a purely voluntary report — still holds, and now sits alongside the operator’s own confirmation that the underlying figures carry no external assurance. Both things are true, and a reader deserves both.
What to weigh on the Sovereign axis
Two separate jurisdictional exposures stack on this portfolio, not one. Ownership is 100% Azrieli Group Ltd. (Israel), TASE-listed, headquartered in Israel, unchanged since a ~$850M acquisition from the Smedvig family in 2021 — zero Norwegian equity anywhere in the chain. Green Mountain confirmed this ownership position as published, and adds that it maintains its own Nordic management and organisation. We record that as the operator’s own characterisation of how it is run; we have not independently assessed operational independence, and readers should not take it as our finding.
Separately, OSL-Hamar’s anchor tenant is TikTok/ByteDance, carrying its own China-jurisdiction exposure at the operational level. These are independent facts about two different layers — ownership versus tenancy — and should be scored as such, not collapsed into one line.
Confidence
Per-site PUE: A for what the operator publishes, with the operator’s own confirmation that the figures are self-reported and not third-party audited — ESRS-referenced reporting is a stronger basis than a purely voluntary report, but it is not assurance. Rjukan heat reuse at 1.75 MW: A (named offtaker, quantified, operator-confirmed as currently operating). The 8 MW expansion: not a grade — under evaluation with no timeline, so there is no figure to assess. Ownership (Azrieli, 100%): A (primary, TASE-listed, operator-confirmed). Nordic management and organisation: operator’s characterisation, ungraded. Leadership change: A (operator’s own team page).
Right of reply was sent to Green Mountain on 21 August 2026 and answered on 27 August 2026, within the window. The operator answered our questions but did not submit a separate statement for publication; their answers are reflected above and attributed throughout. See the right-of-reply log for status by operator, and the corrections below.
Corrections
28 August 2026 — the correction below was itself wrong about why we got it wrong. The 27 August correction claimed no public source indicated the Lobster Farm project had ended. That is not true. Green Mountain has pointed to public coverage of the ending — Øyposten, “Avslutter planer om hummeroppdrett” — and states it had previously communicated that the project was over. The original wording of that claim read: “No public source we could find indicated this — the project was still described in the present tense in material available to us, and the error was identified only because the operator told us through the right-of-reply process. That is the process doing the job it exists to do, and it is worth saying so plainly rather than quietly amending the page.”
The accurate account is narrower and less flattering. We did not find that the project had ended. Public coverage existed and we missed it. The operator then identified our error through right of reply. Right of reply caught something we failed to find, which is not the same as catching something unfindable — and a correction that quietly upgrades our own miss into a demonstration of process working is a second error on top of the first. A correction to a correction is logged like any other.
27 August 2026 — Norwegian Lobster Farm described as active when it had ended. This assessment previously listed two active heat-reuse projects. The original wording read: “Two named, quantified, dated heat-reuse projects — a step up from the ‘pilot’ language we had before: the Norwegian Lobster Farm at SVG-Rennesøy (since 2021, EU Horizon 2020-funded, world’s first land-based lobster farm) and Hima Seafood at TEL-Rjukan (live since autumn 2025, delivering up to 1.75 MW, feasibility underway to scale to 8 MW).” Green Mountain confirmed the Lobster Farm collaboration has ended; see the 28 August correction above for how we came to miss it. The Rjukan figure and the 8 MW framing were corrected in the same reply.
28 August 2026 — all four facility names were wrong. We listed Green Mountain’s sites as SVG1-Rennesøy, RJU1-Rjukan, OSL1-Enebakk and OSL2-Hamar. The operator’s own names are SVG-Rennesøy, TEL-Rjukan, OSL-Enebakk and OSL-Hamar — a region code plus a place, with no number. “TEL-Rjukan” is not a formatting variant of “RJU1”; it is a different code. The four facility URLs changed accordingly and the old ones now redirect. This also means our facility-code collision note was partly warning readers about a collision we had manufactured ourselves by assigning Green Mountain numbers it does not use; that note has been rewritten.