IREN completes the acquisition of Nostrum Group: entry into the European market with 490 MW capacity
Mining company IREN has officially completed the acquisition of Nostrum Group, a Spanish developer of data centers focused on artificial intelligence and connected to the power grid. This strategic deal marks IREN's entry into the European market while expanding its portfolio of secured capacity.
Under the agreement, IREN gains access to approximately 490 MW of already secured capacity in Spain, as well as an additional portfolio of projects under development. This significantly strengthens the company's position in the infrastructure segment for high-performance computing and mining.
Importantly, the Nostrum team, comprising over 50 specialists, will fully transition to IREN's staff and continue its operations under the mining company's brand. This is not merely an asset purchase but an integration of an expert team, which is crucial for effectively managing new projects in Europe.
Deal Analysis and Prospects
From a market dynamics perspective, this move by IREN appears logical. Amid intensifying competition for energy resources in the United States and growing interest in AI data centers, entering the European market with already secured capacity is not a matter of diversification but a necessity. Spain, with its relatively low electricity costs and developed renewable energy infrastructure, is becoming an attractive jurisdiction for scaling.
My expert opinion: The purchase of Nostrum Group is not just an expansion deal. It is a signal that IREN is betting on a hybrid model: mining plus AI computing. Over the next 12–18 months, we will see how these 490 MW are redistributed between cryptocurrency mining and servicing AI workloads, providing the company with flexibility and resilience to Bitcoin's volatility.