AI cloud Iren has completed the acquisition of Spanish data center developer Ingenostrum, S.L. (Nostrum Group).

The acquisition closed on June 15, and saw Iren gain 490MW of secured, grid-connected power in Spain and an additional development pipeline, as well as a team of 50 employees across development, engineering, construction, and operations.

It also marks Iren’s first foray into Europe.

Iren revealed its intention to acquire Nostrum in May 2026, with reports that Nostrum was seeking an investment partner surfacing last year.

Terms of the deal were not shared. Nostrum’s operations will continue under the Iren brand.

Nostrum (previously known as Ingenostrum) has a number of projects in development across Extremadura (Badajoz and Cáceres, both 214MW), Castile-La-Mancha (Guadalajara, 29MW and Pinto, 21MW), the Basque Country (Zamudio, 21MW), and Galicia (18MW).

The company’s Galacia project is reportedly live in its first 8.5MW phase, and is set to be expanded to 40MW in the future.

Iren’s co-founder and co-CEO, Daniel Roberts, said: “Europe is one of the largest and fastest-growing markets for AI infrastructure, and Spain is among its most compelling entry points, with abundant renewables and strong fiber connectivity. Nostrum gives us secured power today along with a development pipeline and a great local team we’re excited to work with.”

Nostrum CEO Gabriel Nebrada added: “We have spent years assembling one of Spain’s most advanced AI infrastructure pipelines. Joining Iren means we can now develop it at the speed and scale Europe’s rapidly growing demand for AI infrastructure requires.”

Iren, formerly known as Iris Energy, is one of many bitcoin mining companies to have pivoted towards an AI cloud offering.

The company has data center sites live and in development across Texas (Childress, Sweetwater), Oklahoma (Kiowa), and British Columbia in Canada (Mackenzie, Prince George, and Canal Flats). Earlier this month, the company revealed it had signed a transmission connection agreement to support a planned 800MW data center campus in Bundey, South Australia.