Investment manager Azora is launching a new European hyperscale data center platform and planning a new campus outside Zaragoza in the Aragon region of Spain.

Azora this week announced plans for a new facility through its subsidiary Tillion Data Centers near Villamayor de Gállego.

The company aims to invest $2 billion in developing the campus, which will have an initial capacity of 150MW, expandable to 300MW.

The initial 150MW was approved by Red Eléctrica in 2024, and construction is set to start in 2026.

The site will utilize a closed-loop cooling system to keep water use low, and be powered either by on-site generation or offsets via Power Purchase Agreements.

More than €5 billion is expected to be invested in computing equipment by whichever company operates the site.

Santiago Olivares, partner responsible for infrastructure investments at Azora, said: “This new data center is located in one of Europe’s leading data center hubs, validated by the presence of major players in the sector and supported by an energy and industrial network ideal for sustaining market growth.”

He continued: “With plans to develop more than 600MW, primarily in Spain, at Azora we continue to invest in critical assets for the digital future. With this new data center, Azora reaffirms its commitment to innovation, sustainability, and economic development, consolidating its position as a key player in the evolution of digital infrastructure in Europe.”

Founded in 2003, Azora has €9.7 billion ($10.55bn) in assets under management; investments span residential, commercial, and hospitality real estate, as well as energy infrastructure.

The company formed a new Edge data center business, Quetta, last year in collaboration with Core Capital. The companies aimed to invest more than €500 million ($544m) in constructing six Edge data centers in Spain and Portugal, totaling 60MW of capacity. The first facility is being developed in Madrid.

Azora said Tillion DC will focus on building large-scale data centers, aimed at companies that require large amounts of processing capacity.

Microsoft, Amazon, QTS, and Box2bit all have or are developing data centers around Zaragoza. Microsoft is developing multiple campuses in the area, with its investment in Aragon set to total close to €10bn ($10.88bn).

“Today, technology companies from around the world looking for a location to deploy their data centers consider Aragon a preferred destination, as this region offers optimal conditions for their development,” said the President of the Aragon Government, Jorge Azcón.

A version of this story appeared on our Spanish edition.