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The investment fund Stoneshield Capital, through its subsidiary XDC Properties, has announced a historic investment of €3.6 billion in Cantabria for the construction of a large data center campus. Named Project Altamira, this technological campus will become one of the largest digital infrastructure hubs in Europe and the largest ever developed in the region.
The announcement was made by the Government of Cantabria, which highlighted the impact the project will have on the local economy, job creation, and the digital transformation of the community. The president of Cantabria, María José Sáenz de Buruaga, noted that this investment will position Cantabria alongside major tech hubs like Madrid, Milan, Frankfurt, and London.
A 500MW modular data center
The Project Altamira involves the construction of 12 data center modules, each with a capacity of 40MW, totaling 500MW. These facilities will be located in the Vipar Society industrial estate, in the municipalities of Piélagos and Villaescusa. The first phase of the project, with 100MW, will begin construction in January 2026, with the full complex expected to be completed by 2032.
The campus will feature sustainable energy infrastructure, including 75,000 square meters of photovoltaic panels to supply energy for the servers with renewable energy.
According to Ricardo Abad, CEO of Quark Engineering, the consulting firm for the project, construction will occur in phases to adapt to customer needs and ensure the scalability of the data center.
Job creation and digital transformation
The economic and job impact of Project Altamira will be significant. During the construction phase, more than 1,500 direct jobs will be created, while the operational phase is expected to generate 1,450 jobs, of which 350 will be direct and 1,100 indirect.
The Government of Cantabria will designate this large center as a Strategic Business Project, given its importance in terms of investment, employment, and sustainability. The data center is also expected to boost the arrival of tech companies to the region and strengthen its position as a key hub for digital infrastructure in Spain.
Strategic location and connection with the Anjana submarine cable
One of the major advantages of Project Altamira is its proximity to the landing station of the Anjana submarine cable, promoted by Meta. This cable, which will connect Cantabria with South Carolina (USA), features 24 pairs of fiber optic and will be one of the most advanced telecommunications systems in the world. The interconnection with this high-capacity network will facilitate global data processing and attract companies that rely on low-latency connectivity.
Stoneshield’s expansion in the data center sector
The Stoneshield Capital fund has already shown interest in the data center sector. In 2021, its subsidiary XData Properties acquired a data center in San Fernando de Henares (Madrid), previously owned by Indra, for €40 million. Subsequently, the firm was acquired by Iron Mountain in 2022.
Currently, XDC Properties manages data center projects in Spain and Italy, with a potential capacity of 1GW. Beyond this sector, Stoneshield has also invested in other strategic segments such as student housing, biotechnology, industrial storage, and residential assets.
A growing global industry
The demand for data centers is continuously increasing due to the expansion of cloud services, artificial intelligence, big data analytics, and the Internet of Things (IoT). The data center market is expected to reach a global revenue of $200 billion by 2025 and could exceed $900 billion by 2037.
According to Juan Pepa, co-founder of Stoneshield Capital, this investment reinforces the firm’s commitment to digital transformation and the development of sustainable infrastructures:
“We are developing efficient and sustainable data centers that not only drive the digital economy but also serve as engines for economic growth in the regions where we operate.”
Cantabria, a new technological reference in Spain
Project Altamira represents a milestone in the digitalization strategy of Cantabria, a community that until now had not been among the main tech hubs in the country. The combination of record investment, access to top-tier connectivity, and the use of renewable energy will turn the region into a strong player in data infrastructure in Europe.
With this move, Cantabria joins other regions in Spain that have bet on the establishment of data centers, such as Madrid, which hosts the largest number of these centers in the country, and Barcelona, where various initiatives have been announced to enhance its international connectivity.
The future of Cantabria as a tech hub appears to be underway.
via: El Economista and DCD