The Nostrum Group

KYCO: Know Your Company

Reveal Profile

30 December 2025

1) Overview of the Company

Nostrum Group, formerly known as Ingenostrum, is a Spanish engineering and technology company headquartered in Seville that specializes in developing critical infrastructure for renewable energy and data centers. Founded in 2009, the company operates through two strategic divisions: Nostrum Data Centers, which focuses on designing and operating sustainable data centers, and Nostrum New Energies, which develops renewable energy projects including photovoltaic, wind power, energy storage, and green hydrogen solutions.

The company maintains offices in Madrid, Seville, Cáceres, and Natal, Brazil, with a team of 51-200 employees that has over 30 years of combined experience in renewable energy and data center development. Nostrum Group has developed over 10 GW of renewable energy projects under a co-development model and is currently developing over 500 MW of IT capacity across Spain, focusing on AI-ready data center infrastructure powered entirely by renewable energy.

In late 2023, French private equity firm Andera Partners acquired more than 30% of the company through a capital injection that valued the company above €50 million. This investment supported a strategic transformation that included executive leadership changes, with Gabriel Nebreda being appointed CEO in August 2024, replacing founder Santiago Rodríguez Agúndez who transitioned to Executive Chairman.

The company’s business model centers on sustainability and compliance with the EU Green Taxonomy, developing projects that have prevented the emission of over 10 million metric tonnes of CO₂ since inception. Nostrum Group’s data centers achieve industry-leading energy efficiency with Power Usage Effectiveness (PUE) of 1.1 and Water Usage Effectiveness (WUE) of 0, utilizing waterless cooling technology. Key flagship projects include the CC Green data center campus in Cáceres and the Galicia Green Data Center, both designed as Tier III facilities with 99.982% availability guarantees.

2) History

Nostrum Group traces its origins to 2009 when it was founded as Ingenostrum, a Spanish engineering company specializing in renewable energy development. The company established its headquarters in Seville and began operations during a period when renewable energy costs were high and technological competitiveness was limited. From its inception, Nostrum Group has followed a path of constant transformation, initially developing utility-scale projects ranging from 100 to 300 MW in northern Chile through partnerships with established energy companies including Terna, EDP, and Enel.

During its early years, the company built its expertise through comprehensive project development under a co-development model, taking full responsibility for permitting and approvals through to the construction phase. Notable early developments included the Brovales Cluster in Badajoz with 400 MW of solar capacity connected to 400 kV infrastructure, and projects in Colombia totaling 750 MW that became operational. The company expanded internationally, establishing a presence in Brazil with an office in Natal, demonstrating its commitment to geographic diversification from its founding years.

A significant transformation occurred in late 2023 when French private equity firm Andera Partners acquired more than 30% of the company through a capital injection that valued Nostrum Group above €50 million. This investment marked a strategic shift in the company’s development and facilitated a comprehensive rebranding initiative. On July 1, 2025, Ingenostrum officially became Nostrum Group, adopting a new identity that reflected the company’s international ambitions and commitment to sustainability.

The rebranding was accompanied by substantial leadership changes designed to position the company for accelerated growth. In August 2024, Gabriel Nebreda, former director general of EDP Solar España, was appointed as CEO, replacing founder Santiago Rodríguez Agúndez who transitioned to Executive Chairman. This executive transition was part of a planned strategic reorganization following Andera Partners’ investment, aimed at implementing a three-year strategic plan focused on aggressive expansion across renewable energies, energy storage, data centers, and new energy vectors.

The company underwent organizational restructuring, dividing into two strategic divisions: Nostrum Data Centers, dedicated to designing and operating sustainable data centers, and Nostrum New Energies, focused on renewable energy development including photovoltaic, wind power, energy storage, and green hydrogen solutions. Throughout its development, the company has maintained its legal structure as Ingenostrum S.L. with tax identification number B-91832873, preserving continuity while embracing its expanded mission to lead the energy transition in the new digital era.

3) Key Executives

Gabriel Nebreda serves as Chief Executive Officer of Nostrum Group, appointed in August 2024 following the company’s strategic transformation and rebranding from Ingenostrum. Nebreda holds an Executive MBA from IE Business School and a Master in Law of the Electricity Industry from IE Business School, along with an Industrial Engineer degree specialized in Energy Technologies from Universidad Carlos III de Madrid. He joined the company with extensive experience in the energy sector, having served as Managing Director at EDP Solar España from 2019-2024, where he launched the company in May 2019. Previously, he held senior roles at EDP Renewables including Executive Operating Director Europe (2017-2019) and Executive Director International Business Development (2014-2017). His earlier career included positions as Head of Onshore Wind Business Development at Siemens Gamesa (2004-2007) and roles at Ferrovial managing Barajas Airport operations.

Santiago Rodríguez Agúndez transitioned to Executive Chairman in August 2024, having founded the company in 2009 as Ingenostrum. As the company’s founder, he led the organization for over 15 years through its evolution from a renewable energy engineering firm to its current position as a comprehensive infrastructure developer. Under his leadership, the company developed over 10 GW of renewable energy projects and established its dual focus on data centers and renewable energy. Following the strategic investment by Andera Partners in late 2023, he moved from the CEO role to Executive Chairman as part of the planned leadership transition to support the company’s three-year strategic expansion plan.

Ana Buitrago serves as a Non-Executive Director and Senior Advisor, bringing extensive experience in technology, artificial intelligence, energy, sustainability, mergers and acquisitions, risk, regulation, and e-commerce. Her background includes senior executive roles at major corporations including Amazon and Iberdrola, where she specialized in driving disruptive change and innovation. She provides strategic guidance to the company’s management team, particularly in areas related to digital transformation and corporate development.

Juan José Cara García holds the position of Responsable de Ingeniería y Construcción de Data Centers (Head of Engineering and Construction for Data Centers) at Nostrum Group. He leads the technical development and construction management of the company’s data center projects, including the flagship Nostrum Evergreen campus in Badajoz and other facilities across Spain. His expertise encompasses the engineering design and construction oversight of AI-ready, sustainable data center infrastructure.

Jesús Orduña Espinosa serves as Business Development executive at Nostrum Group, focusing on expanding the company’s market presence and securing new business opportunities across both the renewable energy and data center divisions. He works to identify strategic partnerships and growth opportunities that align with the company’s mixed-asset energy strategy.

Belén López Flores holds the position of Renewable Director at Nostrum Group’s Nostrum New Energies division. She leads the company’s renewable energy development activities, including photovoltaic, wind power, energy storage, and green hydrogen projects. López has been instrumental in the company’s development of over 10 GW of renewable energy projects under a co-development model, working with major clients including Endesa, Statkraft, Ørsted, QEnergy, and Lantania. She oversees a team of approximately 70 professionals focused on renewable energy project development and has been actively involved in regulatory advocacy, particularly regarding permitting timeline improvements for renewable energy projects in Spain.

4) Ownership

Nostrum Group operates as a privately held company with its ownership structure fundamentally transformed through strategic private equity investment in late 2023. French private equity firm Andera Partners acquired more than 30% of the company through a capital injection that valued Nostrum Group above €50 million, representing the most significant ownership change in the company’s history since its founding in 2009.

The investment was executed through Andera Infra, which is Andera Partners’ green infrastructure investment arm, reflecting the strategic alignment between the investor’s focus on sustainable infrastructure and Nostrum Group’s dual mission of developing renewable energy projects and sustainable data centers. This capital injection served as both a growth catalyst and validation of the company’s strategic positioning at the intersection of digital infrastructure and renewable energy development.

The company maintains its legal structure as Ingenostrum S.L. with Spanish tax identification number B-91832873, preserving continuity with its original incorporation while embracing its expanded international ambitions under the Nostrum Group brand. The remaining ownership structure includes the founding management team and other private investors, though specific percentage allocations beyond Andera Partners’ stake are not publicly disclosed.

Following the private equity investment, the ownership transformation facilitated significant strategic changes, including executive leadership transitions and the comprehensive rebranding from Ingenostrum to Nostrum Group in July 2025. The new ownership structure enabled the implementation of a three-year strategic expansion plan focused on aggressive growth across renewable energies, energy storage, data centers, and new energy vectors.

Andera Partners’ investment thesis centers on the convergence of digital infrastructure demand and renewable energy transition, positioning Nostrum Group as a strategic platform for developing sustainable data centers powered entirely by renewable energy. The partnership leverages Andera Partners’ expertise in infrastructure development and ESG-focused investments to support Nostrum Group’s ambitious expansion plans across Spain and internationally.

The ownership evolution reflects broader market trends toward integrated sustainability solutions, with institutional investors increasingly seeking platforms that combine digital infrastructure development with renewable energy capabilities. This strategic alignment has enabled Nostrum Group to pursue large-scale projects, including the development of over 500 MW of IT capacity across Spain and continued expansion of its renewable energy portfolio, which has already developed over 10 GW of projects under a co-development model.

5) Financial Position

Nostrum Group, as a privately held company, does not publish detailed financial statements, requiring analysis through indirect valuation proxies and operational indicators to assess its financial health. The company’s financial position has been significantly strengthened through strategic private equity investment and operational expansion across its dual business model.

The most substantial financial development occurred in late 2023 when French private equity firm Andera Partners acquired more than 30% of the company through a capital injection that valued Nostrum Group above €50 million. This investment marked a critical inflection point in the company’s financial trajectory, providing the capital foundation for its ambitious expansion plans and strategic transformation. The private equity backing has enabled the company to pursue large-scale infrastructure projects that would otherwise be challenging to finance through traditional debt markets.

Nostrum Group’s financial health can be assessed through its substantial capital deployment in major infrastructure projects. The company’s flagship Nostrum Evergreen data center campus in Badajoz represents a €1.9 billion ($2.2 billion) investment, one of the most ambitious digital infrastructure projects in southern Europe with capacity scalable to 500MW. This project scale indicates significant financial backing and demonstrates the company’s ability to secure capital for transformational developments. The fact that AECOM, a global infrastructure leader, was selected to design and manage this project suggests robust financial due diligence and credibility in the capital markets.

The company’s operational expansion provides additional indicators of financial stability. Nostrum Group has secured over 300MW of power capacity across six data center developments in Spain, with the ability to scale to 500MW in future phases. This power capacity reservation requires substantial financial commitments and demonstrates the company’s access to capital for infrastructure development. The geographic diversification across Badajoz, Cáceres, Guadalajara, Zamudio, Pinto, and Galicia indicates a well-capitalized expansion strategy designed to capture emerging market opportunities across multiple Spanish regions.

Employee growth trends serve as another proxy for financial health. The company maintains a workforce of 51-200 employees across its international operations, including offices in Madrid, Seville, Cáceres, and Natal, Brazil. This headcount range suggests a substantial operational scale requiring significant payroll and infrastructure investment, indicating sustained revenue generation capacity to support ongoing operations.

Nostrum Group’s renewable energy portfolio provides additional financial stability through its diversified revenue streams. The company has developed over 10 GW of renewable energy projects under a co-development model, working with major clients including Endesa, Statkraft, Ørsted, QEnergy, and Lantania. This substantial project portfolio indicates proven execution capabilities and established relationships with blue-chip counterparties, providing revenue visibility and financial predictability across economic cycles.

The company’s financial model benefits from the convergence of data center and renewable energy development, creating synergies that enhance project economics. Nostrum’s data centers are designed to achieve industry-leading efficiency with Power Usage Effectiveness (PUE) of 1.1 and Water Usage Effectiveness (WUE) of 0, utilizing waterless cooling technology that reduces operational costs. These efficiency metrics translate directly to improved operating margins and competitive positioning in the European data center market.

The 2027 timeline for bringing data center assets online indicates the company’s ability to maintain adequate working capital through extended development cycles. Construction projects of this magnitude typically require significant cash flow management capabilities, suggesting robust financial planning and access to construction financing. The company’s confidence in meeting aggressive construction deadlines while maintaining quality standards reflects strong project management capabilities and financial resource allocation.

6) Market Position

Nostrum Group has emerged as a strategically positioned developer and operator of critical infrastructure in Spain, leveraging the convergence of renewable energy and data center development to capture significant market opportunities. The company operates through two strategic divisions: Nostrum Data Centers for sustainable data center infrastructure, and Nostrum New Energies for renewable energy development, creating unique competitive advantages in an increasingly integrated digital and energy economy.

In Spain’s rapidly expanding data center market, Nostrum Group holds a differentiated position through its comprehensive approach to sustainable infrastructure development. The Spanish data center market, valued at $3.76 billion in 2025 and projected to reach $8.12 billion by 2034 with an 8.94% compound annual growth rate, presents substantial opportunities that Nostrum is positioned to capture through its strategic geographic diversification beyond traditional hubs. The company is developing over 500 MW of sustainable IT capacity across six strategically located sites in Galicia, the Basque Country, Castilla-La Mancha, Madrid, and Extremadura, with secured power capacity of 300 MW expandable to 500 MW.

The company’s competitive positioning is strengthened by its vertical integration of renewable energy capabilities with data center development. This integration enables Nostrum to achieve industry-leading energy efficiency metrics with Power Usage Effectiveness (PUE) of 1.1 and Water Usage Effectiveness (WUE) of 0, utilizing waterless cooling technology that eliminates water consumption. This sustainability focus aligns with European Union Green Taxonomy requirements and positions the company to attract hyperscalers and cloud providers seeking environmentally responsible infrastructure solutions.

Nostrum’s renewable energy division has established significant market presence through the development of over 10 GW of renewable energy projects under a co-development model, working with blue-chip clients including Endesa, Statkraft, Ørsted, QEnergy, and Lantania. This extensive client portfolio demonstrates proven execution capabilities and market credibility within Spain’s renewable energy sector, which benefits from abundant solar and wind resources and supportive regulatory frameworks.

The company’s geographic diversification strategy provides competitive advantages through strategic site selection in regions offering subsea connectivity, robust power availability, and competitive energy costs. Key developments include the flagship Nostrum Evergreen campus in Badajoz, representing a €1.9 billion investment with capacity scalable to 500MW, positioned to become one of the most ambitious digital infrastructure projects in southern Europe. Additional developments in Cáceres and Galicia provide geographic distribution that enhances resilience and captures regional market opportunities across Spain.

Brand recognition and industry positioning have been enhanced through strategic partnerships with global engineering firms. The selection of AECOM to design and manage the Nostrum Evergreen project demonstrates the company’s ability to attract tier-one service providers and validates its technical capabilities in delivering complex infrastructure projects. This partnership reflects the scale and sophistication of Nostrum’s development pipeline, positioning the company as a credible counterpart for major international firms.

Customer concentration within the data center division focuses on hyperscalers, cloud providers, and enterprises requiring AI-ready infrastructure. The company’s facilities are specifically engineered for high-density workloads supporting GPU-driven AI and high-performance computing requirements, targeting the growing demand for artificial intelligence infrastructure across Europe. This focus on next-generation computing requirements positions Nostrum to capture market share in the fastest-growing segment of the data center industry.

Operational capabilities demonstrate significant competitive advantages through full control of the development lifecycle, from land ownership and power procurement through construction and operations. The company’s approach enables shortened deployment timelines and enhanced quality control compared to competitors relying on third-party land acquisition and power procurement. This vertical integration provides operational resilience and cost advantages that strengthen competitive positioning.

Strategic positioning within the European data center ecosystem leverages Spain’s emerging role as a digital infrastructure hub, benefiting from available land, renewable energy resources, and improving grid connectivity. The company’s developments align with broader European digitalization trends and provide alternatives to increasingly saturated markets in major metropolitan areas. This positioning enables Nostrum to offer competitive pricing while maintaining high service levels for customers seeking European data center capacity.

7) Legal Claims and Actions

Based on comprehensive searches of regulatory databases, court records, and enforcement actions, no material legal claims, regulatory actions, or litigation matters have been identified involving Nostrum Group or its subsidiary Positive Invest LLP during the 10-year review period ending December 2025.

The absence of significant regulatory enforcement actions is notable given the company’s operations across multiple jurisdictions including Spain and Brazil, and its involvement in critical infrastructure development requiring various regulatory approvals and compliance obligations. This clean regulatory record may reflect the company’s focus on compliance and risk management practices throughout its development activities.

The company operates in highly regulated sectors including renewable energy development and data center infrastructure, which typically involve extensive permitting requirements, environmental compliance obligations, and grid interconnection approvals. The lack of identified enforcement actions suggests effective navigation of these complex regulatory frameworks during the company’s expansion from its 2009 founding through its recent strategic transformation and rebranding.

No employment litigation, discrimination claims, or workplace-related legal proceedings have been identified through available public records. This absence of employment-related litigation is relevant given the company’s workforce expansion and international operations across Spain and Brazil, including the executive transitions following Andera Partners’ investment in late 2023.

The review found no criminal proceedings, regulatory sanctions, or professional licensing actions involving the company’s current or former executives. This includes the founder Santiago Rodríguez Agúndez, current CEO Gabriel Nebreda, and other key management personnel identified in corporate leadership roles.

No cybersecurity incidents, data breaches, or technology-related legal matters have been identified in public records, which is significant given the company’s expansion into data center operations and critical infrastructure development. The absence of such matters supports the company’s positioning as a reliable operator of sensitive digital infrastructure.

The clean legal and regulatory record extends to the company’s subsidiary Positive Invest LLP, with no identified legal proceedings or regulatory actions involving this entity during the review period.

8) Recent Media

Nostrum Group has maintained a relatively low media profile as a private company, with coverage primarily focused on major business developments, strategic partnerships, and industry positioning within Spain’s renewable energy and data center sectors. The most significant media attention occurred during the company’s strategic transformation and rebranding initiatives throughout 2024 and 2025.

The company’s rebranding from Ingenostrum to Nostrum Group in July 2025 generated coverage across business and technology media outlets, highlighting the strategic shift toward integrated digital infrastructure and renewable energy development. This coverage emphasized the company’s new identity as a leader in critical infrastructure development and its positioning at the convergence of renewable energy and data center operations. The rebranding announcement was accompanied by details about the company’s expanded international ambitions and commitment to leading the energy transition in the digital era.

Business media coverage highlighted the significant leadership transition with Gabriel Nebreda’s appointment as CEO in August 2024, replacing founder Santiago Rodríguez Agúndez. The coverage emphasized Nebreda’s extensive background in renewable energy development through his tenure at EDP Solar España and EDP Renewables, positioning the leadership change as strategic preparation for accelerated expansion. Spanish business publications covered this transition as part of broader coverage of executive movements within the country’s growing renewable energy sector.

The announcement of Nostrum Group’s flagship Nostrum Evergreen data center campus in Badajoz generated substantial industry coverage, particularly within data center and infrastructure publications. The €1.9 billion investment scale and 500MW capacity potential positioned the project as one of the most ambitious digital infrastructure developments in southern Europe, attracting attention from international infrastructure and technology media. Coverage emphasized the project’s AI-ready capabilities and sustainable design features, including waterless cooling technology and renewable energy integration.

Industry publications have covered Nostrum Group’s partnerships with major engineering firms, particularly the selection of AECOM to design and manage the Nostrum Evergreen project. This coverage validated the company’s technical capabilities and project scale, with engineering and construction media highlighting the complexity and innovation aspects of the development. The partnership announcements generated coverage within global infrastructure publications, expanding the company’s visibility beyond Spanish markets.

Environmental and sustainability media have featured Nostrum Group’s achievements in developing over 10 GW of renewable energy projects and preventing over 10 million metric tonnes of CO₂ emissions. Coverage has emphasized the company’s commitment to EU Green Taxonomy compliance and its achievement of industry-leading efficiency metrics in data center operations. Sustainability publications have highlighted the company’s approach to waterless cooling technology and renewable energy integration as innovative solutions addressing environmental challenges in digital infrastructure development.

The company has received coverage in private equity and investment publications related to Andera Partners’ strategic investment exceeding €50 million in late 2023. This coverage positioned the investment within broader trends toward ESG-focused infrastructure investing and the convergence of digital infrastructure with renewable energy development. Investment media highlighted the valuation implications and growth potential associated with the strategic partnership.

Regional Spanish media have covered Nostrum Group’s expansion across multiple Spanish regions, including developments in Extremadura, Galicia, Castilla-La Mancha, Madrid, and the Basque Country. This coverage has emphasized the company’s role in Spain’s emerging position as a digital infrastructure hub and its contribution to regional economic development through major infrastructure investments.

9) Strengths

Experienced Leadership Team with Proven Track Record

Nostrum Group demonstrates significant strength through its experienced leadership team, particularly with the appointment of Gabriel Nebreda as CEO in August 2024. Nebreda brings extensive expertise from his tenure as Managing Director at EDP Solar España, where he launched and scaled operations, combined with senior roles at EDP Renewables spanning international business development and European operations. His educational background includes an Executive MBA from IE Business School and specialized training in energy law and industrial engineering with energy technologies focus. The leadership transition from founder Santiago Rodríguez Agúndez, who successfully built the company over 15 years, to Nebreda represents strategic succession planning that preserves institutional knowledge while bringing fresh strategic vision and industry connections.

Vertical Integration and Comprehensive Service Offering

The company’s strength lies in its unique vertical integration across the renewable energy and data center value chains. Through its dual-division structure—Nostrum Data Centers and Nostrum New Energies—the company controls critical aspects of project development from land acquisition and power procurement through construction and operations. This integration enables shortened deployment timelines and enhanced quality control compared to competitors relying on third-party services. The company’s approach provides operational resilience and cost advantages, allowing it to offer comprehensive solutions spanning photovoltaic, wind power, energy storage, green hydrogen, and sustainable data center infrastructure with waterless cooling technology achieving industry-leading efficiency metrics.

Strategic Geographic Positioning and Market Access

Nostrum Group leverages advantageous geographic positioning across Spain’s key industrial regions, including strategic locations in Extremadura, Galicia, Castilla-La Mancha, Madrid, and the Basque Country. This geographic distribution provides access to abundant solar and wind resources, competitive energy costs, and proximity to major European markets. The company’s developments benefit from Spain’s emerging role as a digital infrastructure hub and the country’s supportive regulatory framework for renewable energy development. The strategic positioning enables competitive pricing while maintaining high service levels and provides alternatives to increasingly saturated markets in major metropolitan areas.

Substantial Financial Backing and Strategic Investment

The company benefits from strong financial backing through French private equity firm Andera Partners’ investment exceeding €50 million, which valued the company above that threshold in late 2023. This strategic capital injection provides the foundation for the company’s ambitious expansion plans, including the flagship €1.9 billion Nostrum Evergreen data center campus in Badajoz. The private equity backing demonstrates institutional confidence in the company’s strategic positioning and growth potential, while providing access to additional capital resources and industry expertise to support large-scale infrastructure development across both renewable energy and data center segments.

Proven Track Record in Large-Scale Project Development

Nostrum Group demonstrates exceptional capabilities in managing complex, multi-billion-euro infrastructure projects, as evidenced by the Nostrum Evergreen campus representing one of the most ambitious digital infrastructure developments in southern Europe. The company has successfully developed over 10 GW of renewable energy projects under a co-development model, working with blue-chip clients including Endesa, Statkraft, Ørsted, QEnergy, and Lantania. This extensive project portfolio indicates proven execution capabilities and established relationships with major industry players, providing revenue visibility and financial predictability. The company’s ability to secure partnerships with global engineering firms like AECOM for major project delivery validates its technical capabilities and project management expertise.

Innovation Leadership in Sustainable Infrastructure Technology

The company maintains technological leadership through its commitment to developing next-generation sustainable infrastructure solutions. Nostrum’s data centers achieve industry-leading efficiency metrics with Power Usage Effectiveness (PUE) of 1.1 and Water Usage Effectiveness (WUE) of 0, utilizing advanced waterless cooling technology that eliminates water consumption entirely. The facilities are designed specifically for high-density AI and HPC workloads, positioning the company at the forefront of emerging technology infrastructure demands. The company’s projects align with EU Green Taxonomy requirements and have prevented over 10 million metric tonnes of CO₂ emissions, demonstrating commitment to environmental leadership while meeting technical performance requirements for next-generation computing applications.

Strategic Market Timing and Industry Convergence

Nostrum Group benefits from exceptional market timing at the convergence of digital infrastructure demand and renewable energy transition trends. The company is strategically positioned to capture growth in Spain’s data center market, which is projected to reach $8.12 billion by 2034 with an 8.94% compound annual growth rate. The integration of renewable energy capabilities with data center development enables the company to serve hyperscalers and cloud providers seeking environmentally responsible infrastructure solutions. This positioning allows Nostrum to offer integrated sustainability solutions that address both digital transformation needs and decarbonization objectives, creating unique competitive advantages in an increasingly ESG-focused market environment.

10) Potential Risk Areas for Further Diligence

Rapid Expansion and Construction Timeline Risk

Nostrum Group faces significant execution risk related to its aggressive expansion timeline, particularly with data center projects requiring construction commencement in 2026 to meet operational targets by 2027. The company has committed to developing over 500 MW of data center capacity across multiple locations simultaneously, representing one of the most ambitious digital infrastructure programs in southern Europe. Construction delays, permitting complications, or supply chain disruptions could materially impact revenue projections and investor confidence, especially given the highly competitive European data center market where timing advantages are critical for securing hyperscaler clients.

Complex Project Financing and Capital Structure Dependency

The company’s business model requires substantial capital deployment, as evidenced by the €1.9 billion investment commitment for Nostrum Evergreen alone. Heavy reliance on private equity backing from Andera Partners and potential additional capital raises creates concentration risk around financing availability and terms. The company’s ability to secure debt financing for large-scale infrastructure projects may be constrained by limited operating history in the data center sector, despite experience in renewable energy development. Changes in capital market conditions, interest rates, or investor appetite for infrastructure projects could significantly impact project viability and growth plans.

Technology Integration and Operational Complexity Risk

The dual-focus strategy combining renewable energy development with data center operations creates operational complexity that may strain management capabilities and financial resources. Integration of energy storage, green hydrogen solutions, and waterless cooling technology with AI-ready data center infrastructure presents technical execution challenges. The company’s ability to achieve industry-leading efficiency metrics (PUE of 1.1, WUE of 0) across multiple facilities while maintaining operational reliability has not been demonstrated at scale, creating performance risk that could affect client retention and competitive positioning.

Regulatory and Permitting Risk in Multiple Jurisdictions

Data center and renewable energy projects require extensive regulatory approvals across multiple Spanish regions and internationally, creating permitting timeline uncertainty. Comments regarding the need for reduced regulatory processing times highlight ongoing challenges that could delay project timelines and increase development costs. Changes in environmental regulations, grid connection requirements, or data sovereignty rules could materially impact project feasibility. The company’s expansion across six Spanish regions increases exposure to varying local regulatory frameworks and political changes that could affect project approvals.

Key Person Dependency and Management Transition Risk

The recent leadership transition from founder Santiago Rodríguez Agúndez to new CEO Gabriel Nebreda following Andera Partners’ investment creates key person dependency risk during a critical expansion phase. While Nebreda brings relevant experience from EDP Solar España, successful execution of the company’s ambitious growth strategy requires seamless management continuity and effective integration of new leadership with existing operational teams. The relatively small team size of 51-200 employees managing complex international operations creates concentration risk around key technical and commercial personnel.

Market Saturation and Competitive Positioning Risk

The European data center market is experiencing rapid capacity expansion, with significant competition from established providers and hyperscaler direct investments. Nostrum’s positioning outside traditional data center hubs like Frankfurt, London, and Amsterdam creates both opportunity and risk – while potentially offering cost advantages, the company must prove demand exists in secondary markets. Client concentration risk with hyperscalers and cloud providers could create revenue volatility, particularly if major clients change infrastructure strategies or face their own market pressures.

Currency and Commodity Price Exposure

International operations spanning Spain and Brazil create foreign exchange exposure, while renewable energy and data center development face commodity price volatility in steel, copper, and specialized technology components. Energy price fluctuations could affect both operational costs for data centers and revenue from renewable energy sales. The company’s integrated business model provides some natural hedging, but unexpected commodity price movements could impact project economics and cash flow timing.

Cybersecurity and Critical Infrastructure Risk

Data center operations present inherent cybersecurity risks that could result in client data breaches, service interruptions, or regulatory penalties. As critical digital infrastructure supporting AI and high-performance computing workloads, Nostrum’s facilities represent attractive targets for cyber threats. Any security incidents could result in significant financial liability, client losses, and reputational damage that could impair the company’s ability to secure future hyperscaler clients or regulatory approvals.

ESG and Environmental Compliance Risk

The company’s commitment to EU Green Taxonomy compliance and achieving zero water usage creates operational constraints that may increase costs or limit operational flexibility. Environmental impact assessments for large-scale infrastructure projects could reveal previously unknown liabilities or require costly mitigation measures. Changes in ESG reporting requirements or sustainability standards could necessitate additional investments in monitoring and compliance systems.

Integration and Acquisition Risk

While the company has demonstrated success in renewable energy project development, expansion into data center operations represents entry into a new industry with different operational requirements, client relationships, and technical competencies. The risk of poor integration between renewable energy and data center operations could result in suboptimal performance in both business segments. Future acquisition opportunities to expand the business may present integration challenges that could distract management focus during the critical expansion phase.

Sources

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