Data center firm EdgeMode is set to sell multiple development sites in Spain to Pure Data Centers and another site in Toledo to new player Spark AI Foundry.

EdgeMode looks to sell sites to Pure DC

EdgeMode this month announced it has entered into a non-binding term sheet with Pure Data Centres Group to sell the former’s interest in land sites controlled via leaseholds in Cordoba, Palma del Río (Córdoba), Vianos (Albacete), and Cáceres, Spain.

Pure aims to develop data centers on the sites it acquires.

Oaktree-owned Pure has a 60-day exclusivity period to sign a binding agreement. Up execution of the agreement(s), Pure will pay €1.5 million ($1.7m) per selected site, plus a further €1.5m once each site reaches Ready-to-Build status, plus €325,000 ($372,000) per megawatt of leased IT capacity.

According to the publication Expansión, the agreement calls for the acquisition of the companies developing the projects once they obtain administrative approvals, energy permits, and a capacity lease agreement with a hyperscale operator. The sites are located in Cáceres, Vianos (Albacete), Córdoba, and Palma del Río (Córdoba).

The Cordoba and Palma sites alone could reportedly total a combined power capacity of 1.5GW at full build-out.

Pure was established in 2015 and is backed by funds managed by Oaktree Capital Management. The London-based company currently has more than 1GW of IT capacity in operation or development in markets across Europe, Asia, and the Middle East.

The company has developments across Europe in the Netherlands (Amsterdam), Finland (Seinäjoki), Ireland (Dublin), the UK (London), France (Paris) and Spain (Madrid).

Pure first announced plans to enter Spain in 2024, buying a plot of land in the Meco area of Madrid from European real estate private equity manager ActivumSG. Currently, the 70MW MAD01 development in Meco is Pure’s only listed project in Spain.

OTC-listed EdgeMode was previously focused on cryptomining operations but has been pivoting to AI-focused facilities. The company entered Spain last year after forming a joint venture with Blackberry Alternative Investment Fund (AIF), which had multiple planned data center development sites across the country.

In recent filings, EdgeMode said it controls seven plots of land in various locations in Spain via leasehold interests. Many of the sites are looking to use Bloom’s solid oxide fuel cell powered by natural gas in lieu of a grid connection. The company has previously said up to 360MW of fuel cell capacity could be deployed at each of the five sites under the joint venture with AIF, for a total of 1.8GW in total capacity across those projects.

EdgeMode signs deal with Spark AI Foundry in Toledo

This week saw EdgeMode enter into a Non-Binding Offer (NBO) with Spark AI Foundry Holdings LLC for the former’s planned 300MW IT data center campus, located in the Municipality of Mora in Toledo.

Once the project reaches Ready-to-Build (RTB) status, Spark AI will acquire 100 percent of the share capital of DC Estate Malpica, S.L the Special Purpose Vehicle (SPV) and the legal owner of the Malpica project.

The 105-hectare project is due to reach RTB by Q4 2026 or Q1 2027. EdgeMode said up to 60MW of on-site rooftop solar generation could be developed, but the site will be connected to a natural gas pipeline for primary power.

The deal is valued at €1m ($1.1m) per megawatt of IT capacity, suggesting a €300m ($343m) price tag.

Charlie Faulkner, CEO, EdgeMode, said: “Advancing with this Spark AI Foundry Holdings NBO for the DC Malpica AI project is a pivotal milestone in our strategy to build next-generation infrastructure at pace. By taking an innovative, off-grid approach to power generation, we are successfully bypassing the capacity and infrastructure constraints that challenge traditional hubs. This project is now moving forward rapidly to deliver the massive scale and reliability required by today’s intensive computing environments.”

Few details around Spark AI Foundry are available, but the company seems to be affiliated with the Hedmark Holdings family office. On its website, the firm said it is developing a network of 20 AI sites across North America.

The company is known to be planning a project in Loveland, Colorado, as well as sites in Olathe, Kansas, and Lansing Township, Michigan. UK data center firm Deep Green is listed as a partner.

EdgeMode is also in the process of acquiring Spanish energy firm Ibersun, acquiring the latter’s battery energy storage system projects, land plots, and grid access rights, to develop data center and energy storage projects in Spain. The deal would see EdgeMode acquire 51 percent of Ibersun for $7.2m.

This piece was automatically translated from DCD’s Spanish site and edited by a member of DCD staff.