IREN Completes Acquisition of Spanish AI Data Center Developer Nostrum
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Key Takeaways
- Acquisition adds 490MW of secured, grid-connected power in Spain to IREN’s portfolio.
- Nostrum Group’s team of 50+ will continue operations under the IREN brand to serve European AI cloud demand.
IREN has completed its acquisition of Ingenostrum, S.L., known as Nostrum Group, marking the company’s entry into the European data center market as it accelerates its expansion from bitcoin mining into AI cloud infrastructure.
The deal adds about 490 megawatts of secured, grid-connected power in Spain, along with an additional development pipeline and a local team of more than 50 employees across development, engineering, construction and operations, IREN said Monday. Nostrum’s operations will continue under the IREN brand.
IREN did not disclose financial terms of the transaction.
The acquisition gives IREN a foothold in Spain, a market the company has described as attractive for large-scale AI data center development because of renewable power availability, fiber connectivity and a supportive permitting and regulatory backdrop. When IREN first announced the agreement in May, it said the deal would lift its broader power portfolio to 5 gigawatts.
