IREN completes the acquisition of Nostrum Group and establishes a foothold in Europe
Mining company IREN has officially completed the acquisition of Spanish AI data center developer Ingenostrum, S.L., known as Nostrum Group. This deal marks IREN's strategic entry into the European market and a significant expansion of its energy assets.
As a result of the acquisition, IREN gains access to approximately 490 MW of secured capacity located in Spain. Additionally, the company's portfolio includes a range of additional project developments previously managed by Nostrum Group. This is not merely an increase in hashrate, but a diversification of the business towards infrastructure for high-performance computing and AI.
Importantly, the Nostrum team, comprising over 50 specialists, will be fully integrated into IREN's structure and will continue its operations under the parent company's brand. This approach preserves expertise and accelerates project deployment in the new territory.
Analytical Commentary
From a long-term strategy perspective, this move by IREN appears highly timely. The European market, particularly Spain, offers not only access to cheap renewable energy but also a more stable regulatory environment for mining compared to some other jurisdictions. Acquiring a ready-made team and projects, rather than just capacity, reduces operational risks and allows IREN to rapidly scale its business in the region. Amid growing competition for energy resources and miners' shift towards serving the AI sector, such deals are becoming a key factor for the survival and growth of major players.