The project will see the construction of facilities with an electrical capacity of 300MW when fully operational. Credit: John Hanson Pye/Shutterstock.

Global alternative asset manager Blackstone is set to channel a €7.5bn ($8.2bn) investment into the development of data centres in Aragon, Spain, Reuters has reported.

This move is anticipated to bolster the region’s emerging reputation as a key cloud computing hub in Europe.

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The investment, reportedly known as Project Rodes, will focus on a 224 hectare site in the town of Calatorao, Zaragoza, with plans to develop half the site initially and invest an additional €7.5bn at a later stage for the remaining area.

The project will see the construction of facilities with an electrical capacity of 300MW when fully operational, managed through Blackstone’s QTS unit.

To date, local authorities have received 19 data centre project submissions for approval in the region, a spokesperson for Aragon’s regional government told the news publication.

Blackstone’s strategy involves developing the infrastructure necessary for data centre operations, including cooling systems and cable connections, with the intention of leasing these buildings to companies for server installation.

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A spokesperson for Blackstone confirmed the planned investment, highlighting the company’s commitment to expanding its digital infrastructure footprint.

This development follows the footsteps of tech giants such as Microsoft and Amazon, who have also selected the regional capital Zaragoza for their data centre projects.

In June 2024, the Aragon regional government announced Microsoft’s plans for a €6.69bn investment in data centres in the region.

Similarly, in May the same year, Amazon’s cloud computing unit AWS declared a €15.7bn investment to construct its data centres in Aragon, with a focus on powering these facilities with renewable energy, capitalising on the region’s substantial wind power capacity.

In December 2023, Blackstone and Digital Realty, a US-based data centre solutions provider, partnered to build hyperscale data centres.

The joint venture between Digital Realty and Blackstone-affiliated funds will see the development of four hyperscale data centre campuses across Frankfurt, Paris, and Northern Virginia.

In addition, Blackstone and Vista Equity Partners have agreed to acquire Australian software company Energy Exemplar. While the financial terms remain undisclosed, sources cited by the news publication suggest the transaction surpasses $1bn (A$1.58bn).