The digital map of Spain gains a new strategic piece. The U.S. investment firm Nuveen, in partnership with Snowhawk, has confirmed its entry into the Spanish data center market through an investment in Prime Data Centers, a developer specializing in critical cloud infrastructure and artificial intelligence.
The first project already has a location: Alcobendas (Madrid), where Prime will build a 26,000 m² data hub with a critical capacity of 40 MW, with an investment estimated between 200 and 300 million euros. This announcement places Spain on the radar for major international operations linked to digital transformation.
This development is part of Prime Data Centers’ broader European strategy, which aims to deploy over 1 GW of critical load across the continent between 2025 and 2028, with presence in markets such as Frankfurt, Berlin, Helsinki, and now Madrid.
Overall, the company plans to reach 4 GW of installed capacity across the U.S. and Europe, establishing itself as a key player in a sector increasingly driven by demand for AI, high-performance computing (HPC), and cloud services.
According to Nicholas Laag, founder and CEO of Prime, the entry of Nuveen and Snowhawk marks “a decisive step to grow in key markets and expand into new regions.”
Spain’s positioning is no coincidence. Over the past three years, the country has become one of the preferred destinations for major investments in data centers. Its strategic advantages include international connectivity, available land around Madrid, and leadership in renewable energy — vital for meeting industry sustainability goals.
The new Alcobendas center is designed to meet AI demanding cooling and power requirements, reflecting the surge in energy consumption worldwide by data centers implementing these models.
Investors see this move as part of a broader trend. Brian McMullen of Snowhawk described the operation as “a generational opportunity linked to the rise of cloud and AI,” while Biff Ourso, Nuveen’s global infrastructure head, highlighted that this partnership is “a key strategic phase in a rapidly evolving digital market.”
With $1.3 trillion in assets under management, Nuveen is strengthening its commitment to digital infrastructure alongside its significant presence in renewables.
In Spain, Nuveen is not a newcomer. It already manages two large-scale renewable platforms: BNZ, which in 2024 signed a €166 million green line agreement with the European Investment Bank (EIB) to build 17 photovoltaic plants in Spain, Italy, and Portugal, aiming to deploy 1.7 GW by 2026; and Veridian Power, launched in 2023, which aims to reach 3 GW of renewable capacity by 2026, with an initial portfolio of 800 MW in advanced stages and plans to mobilize over €3 billion in hybrid projects with battery storage.
This dual approach makes Nuveen a strategically versatile investor, capable of advancing both digitalization and energy transition.
Spain’s move toward becoming a new digital hub in Europe is gaining momentum, joining Dublin, Amsterdam, and Frankfurt as key centers. Managing the energy and social impact of these infrastructures—which consume tens of MW—is crucial for attracting investment without social rejection. The combination of green energy, strategic location, and a growing market fueled by cloud and AI promises that Spain will remain at the forefront of this transformation.
The Alcobendas data hub isn’t just a massive investment; it’s a confirmation that Spain has solidified its position as a critical node in the global digital landscape. Nuveen and Snowhawk are strengthening Prime Data Centers’ footprint in Europe and helping redefine the country’s role as an essential hub for internet, cloud, and AI infrastructure.
The current challenge is whether Spain’s energy and regulatory frameworks can keep pace with this expansion, avoiding bottlenecks while ensuring sustainable growth.