BBVA advises Nostrum Group on its sale to IREN

The transaction, in which BBVA has acted as exclusive financial advisor to Nostrum’s shareholders, Andera Partners and the founder, represents the entry of IREN into the European market and reinforces Spain’s positioning as a digital hub in Europe.

The agreement will enable the development of a large-scale data centre platform, with 490 MW of secured, grid-connected power in Spain, together with an additional development pipeline. The transaction also brings a leading international player into the Spanish market. 

In this process, BBVA has supported Nostrum Group in the structuring and execution of the transaction, helping to align the industrial and financial interests of the parties in a context of strong demand for this type of assets.

Founded in Spain in 2009 as an engineering company operating in the renewable energy sector, Nostrum Group has evolved into a next-generation data centre development platform, integrating development, engineering, construction and operations capabilities. IREN, an Australian company listed on NASDAQ, has established itself as a vertically integrated AI Cloud provider, delivering large-scale data centres and GPU clusters for AI training and inference. 

“This transaction reflects how the convergence between energy and digital infrastructure is reshaping the sector, and highlights the importance of platforms capable of integrating both dimensions with an industrial and long-term vision,” said Manuel Franch, Global Sector Co-Head of TMT at BBVA CIB. “In this context, we have supported Nostrum in a strategic process that enables the entry of an international partner with the scale of IREN, strengthening its development potential in a market with very solid fundamentals.”

For his part, Gabriel Nebreda, CEO of Nostrum Group, stated: “We are proud to join IREN to accelerate the development of artificial intelligence infrastructure in Europe. By combining our strong local execution capabilities with IREN’s vision, expertise, and global AI platform, we are creating a unique company, well positioned to meet growing customer demand in Europe. The acquisition of Nostrum Group highlights the enormous potential of Spain as a Southern European digital hub, as well as our team’s ability to lead the emerging market for next-generation digital infrastructure.” 

The transaction reinforces BBVA’s track record in advising on initiatives that connect investment, energy and digital infrastructure, in a context defined by scale and technological transformation.