VivoPower PLC (NASDAQ:VIVO, FRA:51J)’s pivot toward acquiring and developing power-secured land and powered-shell data center infrastructure has earned it an Outperform rating and a $10 price target in initial coverage from Noble Capital Markets.
The research firm said VivoPower believes targeting one of the most constrained inputs in the AI value chain: grid-connected power capacity
Rather than owning and operating IT infrastructure, the company seeks to generate returns through land development, power procurement and long-term leasing arrangements, an approach Noble said provides exposure to AI infrastructure demand while reducing technology and operating risks. VivoPower has assembled a portfolio of approximately 182 MW of completed or secured capacity across Norway and the UAE. The company is focused on markets offering low-cost renewable energy and favorable grid connection timelines, including the Nordic region, where power costs are below $0.05 per kilowatt-hour, and the Middle East, where sovereign AI initiatives are driving demand for digital infrastructure.
The portfolio is anchored by the Mo i Rana campus in Norway, the company’s only operational asset, acquired in April 2026 for approximately $41 million. The facility currently has 41.5 MW of energized capacity powered by hydroelectric energy, with access to costs below $0.035 per kilowatt-hour, and an additional 40 MW of expansion capacity available for future development. Based on management’s estimates, the facility is expected to generate approximately $31 million in annualized revenue and $10 million in adjusted EBITDA under its current operating model, plus an additional $1.9 million in annual EBITDA from the Statnett reserve markets.