IREN enters the European market: acquisition of Nostrum Group and 490 MW of new capacity
Mining company IREN has completed the strategic acquisition of AI data center developer Ingenostrum, S.L. (Nostrum Group). This deal marks IREN's entry into the European market, which was previously closed to it, and adds approximately 490 MW of secured capacity located in Spain to its portfolio.
In addition to direct access to electricity, IREN gains a portfolio of additional projects previously developed by Nostrum Group. This accelerates the company's plans to diversify its business and expand infrastructure for high-performance computing, including servicing AI workloads.
Team and Synergy
It is important to emphasize that the Nostrum team, comprising over 50 specialists, will fully transition to IREN's staff and continue working under the mining company's brand. This indicates that IREN is betting not only on "hardware" but also on human capital and expertise in the European energy market.
From my perspective, this is one of the most astute moves by IREN in recent quarters. Entering the Spanish market is not just about geographic expansion, but gaining access to relatively cheap and, critically, "green" energy. Amidst tightening regulations and growing competition for energy resources in North America, Nostrum Group's European assets become for IREN not just an asset, but a strategic shield against future risks.