VivoPower PLC (NASDAQ:VIVO) has received board approval to establish a standalone artificial intelligence infrastructure company that will house its non-Nordic data centre portfolio and development pipeline.
The proposed entity, referred to as the AI Infrastructure Platform, will contain more than 2.2GW of assets and potential development opportunities across the Gulf Cooperation Council and ASEAN regions, according to VivoPower.
The portfolio is concentrated primarily in the United Arab Emirates, Oman, Saudi Arabia, Malaysia and the Philippines.
Singapore-based platform targets London and Abu Dhabi listings
The new company is expected to be headquartered in Singapore and will initially seek capital through a pre-IPO financing round aimed at institutional and sovereign investors.
Following that fundraising, VivoPower intends for the platform to pursue a primary listing on the London Stock Exchange alongside a secondary listing on the Abu Dhabi Securities Exchange.
The structure is designed to give the AI infrastructure business independent access to capital markets as it seeks to develop its international data centre pipeline.
VivoPower aims to remove future construction funding requirements
VivoPower said construction across the non-Nordic portfolio would be financed using proceeds raised by the new platform before its IPO, together with third-party capital.
As a result, VivoPower would no longer be responsible for providing future construction funding for these projects.
Despite establishing the business as a separate entity, VivoPower plans to maintain de facto control through an anchor shareholding, representation on the board and governance links with other group companies.
Existing VivoPower shareholders will not receive shares directly in the AI Infrastructure Platform as part of the proposed transaction.
2.2GW portfolio includes projects at different development stages
VivoPower stressed that the more than 2.2GW figure covers assets and opportunities at varying stages of development.
Some sites are described as ready to build and already have permits and power connection agreements, while others remain prospective opportunities that are still being assessed and have not yet been contractually secured.
The company cautioned that the 2.2GW total should therefore not be interpreted as installed, contracted or operational data centre capacity.
Nordic data centre operations remain separate
VivoPower’s Nordic operations will remain outside the proposed AI Infrastructure Platform and are unaffected by the restructuring.
These assets include the company’s 42MW data centre facility in Mo i Rana, Norway.
VivoPower said it is currently finalising lease documentation with a preferred tenant for the Norwegian facility.
Transaction remains subject to approvals and market conditions
Completion of the proposed separation and listing remains dependent on several conditions, including the execution of definitive documentation and receipt of the necessary regulatory clearances.
The process is also subject to adviser appointments, prevailing market conditions and VivoPower shareholder approval where required.
The company said it has already shortlisted capital markets, legal and tax advisers as it progresses plans for the new platform.
If completed, the structure would give VivoPower a separately financed vehicle for pursuing its non-Nordic AI data centre strategy while retaining control and reducing the parent company’s direct exposure to future construction funding requirements.
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