The world's largest alternative asset manager, Blackstone, has unveiled plans for a massive €7.5 billion investment to develop data centres in Spain's northeastern region of Aragon.

This move is set to bolster the area's growing status as a major cloud computing hub in Europe.

The US private equity fund will follow in the footsteps of tech giants Microsoft and Amazon, choosing the regional capital Zaragoza as the site for its ambitious project. A spokesperson for the Aragon regional government revealed on Tuesday that local authorities have already received 19 data centre project submissions for approval.

Blackstone's strategy involves developing the necessary infrastructure for data centre operations, including the installation of cooling systems and cable connections. The company plans to lease these facilities to businesses looking to install computer servers.

The investment, reportedly known as Project Rodes, will focus on a 224-hectare site in the town of Calatorao, Zaragoza. Initial plans involve developing half the site, with an additional €7.5 billion earmarked for future investment in the remaining area. Once fully operational, the project is expected to boast an electrical capacity of 300 megawatts, managed through Blackstone's QTS unit.

A Blackstone spokesperson confirmed the planned investment, highlighting the company's commitment to expanding its digital infrastructure footprint. "This project represents a significant step in our strategy to support the growing demand for cloud computing services in Europe," the spokesperson stated.

The announcement follows similar moves by other tech behemoths in the region. In June 2024, Microsoft revealed plans for a €6.69 billion investment in data centres in Aragon. Similarly, Amazon's cloud computing unit AWS declared in May its intention to invest €15.7 billion to construct its own data centres in the area.

Notably, Amazon has committed to powering its data centres with renewable energy, capitalising on Aragon's substantial wind power capacity. This aligns with a growing trend in the tech industry to prioritise sustainability in data centre operations.

The influx of investment from major players like Blackstone, Microsoft, and Amazon is expected to significantly boost Aragon's economy and cement its position as a key European hub for cloud computing and data services. Blackstone's substantial investment in Spain's data infrastructure positions the company to capitalise on this trend while contributing to the region's technological advancement.

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