IREN enters the European market: acquisition of Nostrum Group and 490 MW of new capacity
Mining company IREN has made a strategic move by completing the acquisition of Spanish AI data center developer Ingenostrum, S.L., known as Nostrum Group. This acquisition marks IREN's direct entry into the European market, a logical expansion of its global presence.
As part of the deal, IREN gains not only a team of over 50 highly qualified specialists but also access to a significant energy portfolio. The key asset is approximately 490 MW of secured capacity located in Spain. These capacities are already connected to the power grid, which is critical for scaling operations in both mining and high-performance computing for AI.
Strategic move amid market consolidation
In addition to the direct 490 MW, IREN also receives an additional project portfolio that can be used for further capacity expansion. Importantly, the Nostrum team will continue its work under the IREN brand, ensuring smooth integration and retention of regional expertise.
From my perspective, this acquisition is not just a purchase of capacity but a well-considered entry into the Southern European energy hub, where access to renewable energy sources and relatively low electricity prices create favorable conditions for energy-intensive operations. IREN is clearly betting on diversification and strengthening its position in the AI infrastructure segment, which in the long term could significantly enhance its competitiveness amid growing market consolidation.