IREN Limited has entered into an agreement to acquire Ingenostrum, S.L. (Nostrum Group), a Spanish data center developer, marking the company's entry into the European market. The acquisition adds approximately 490 MW of secured, grid-connected power in Spain, along with an additional development pipeline. IREN's total power portfolio increases to 5 GW.
What the acquisition includes
The deal brings Nostrum's experienced local team across development, engineering, construction, and operations. Nostrum's sites are located in Spain, a market IREN describes as having favorable AI policy settings, a constructive regulatory and permitting environment, robust connectivity, and abundant low-cost renewable energy. The acquired capacity is designed to support hyperscale AI workloads, including both training and inference.
Strategic rationale
IREN is a vertically integrated AI Cloud provider that delivers large-scale data centers and GPU clusters. The company's existing portfolio includes grid-connected land and power in renewable-rich regions across North America, Europe, and APAC. The Nostrum acquisition establishes a strategic platform in Europe, allowing IREN to serve observed customer demand in the region, including sovereign AI programs.
Capacity and infrastructure
The 490 MW of secured power in Spain is grid-connected and ready for development. IREN's infrastructure approach includes direct-to-chip liquid cooling systems, which are relevant for high-density GPU deployments. The company's platform is designed for both AI training and inference workloads.
Timeline and conditions
Completion of the acquisition remains subject to customary closing conditions. IREN has not disclosed a specific timeline for closing or for when the new capacity will become operational.
Bottom line
IREN's acquisition of Nostrum Group gives the company a foothold in the European AI infrastructure market, adding 490 MW of secured power and a local development team. The deal increases IREN's total power portfolio to 5 GW and positions it to serve European customers, including sovereign AI initiatives, with its vertically integrated AI Cloud platform.