Teset Capital has invested €100 million ($103m) into the Barracuda Project.

In collaboration with the Valencia Digital Port Connect (VDPC) of Spain, the private equity firm plans on enhancing digital connectivity in the Mediterranean.

Scheduled for completion in 2028, the project includes a 1,070km subsea cable linking Valencia with Genoa, featuring 12 fiber pairs, each delivering 32 Tbps of capacity.

The company will also develop a new cable landing station, an Edge data center facility, and a 250kWp solar plant.

Further specifications have not yet been disclosed.

"The Barracuda Project will strengthen the region’s digital infrastructure, boost the local economy, and provide high-speed connectivity to businesses and institutions,” said Valencia Digital Port Connect CEO, Enrique Martín Gullón.

Teset Capital founding partner José Arango added: "This is especially important at a time when the growing development of cloud services, artificial intelligence, and the rollout of 5G networks are increasingly demanding high-speed, low-latency data transmission."

Teset Capital was founded by Arango, Angel Escudero, and Javier Zabala in December 2023, with its initial investment in energy storage facilities. Since then, the company has established the company Trinity Fibre Networks (TFN), specializing in fiber optic networks in Spain.

Valencia is currently home to three subsea cables; Balalink, ORVAl, and Penbal-4, whilst the 2Africa, Blue, and Medloop cables land in Genoa.

Last year, Telecom Italia-subsidiary Sparkle and Unitirreno signed an agreement to land the Unitirenno subsea cable at the latter’s Genoa landing station. The Unitirenno cable is set to go live later this year.