Actyus, the alternative investment manager of Andbank España, Adequita Capital, and Nethits Telecom, are setting up a venture capital fund with a projected capacity of €20 million ($22.3m) to develop Edge data centers in Spain and Portugal.

The fund, named Adequita Centros de Datos Edge Iberia FCRE, is focused on the creation and development of Edge data centers on the Iberian Peninsula, with Spain as its primary market and Portugal as a secondary market. Full details of any planned investments have not been shared.

According to El Español, its launch is pending authorization from the National Securities Market Commission (CNMV).

Actyus will manage the fund, while Andbank will handle its distribution to high-net-worth individuals and institutional investors. Adequita Capital will participate as a founding financial partner and developer. Nethits will contribute its expertise in telecommunications, fiber optics, and technology systems integration.

The launch comes as Spain is finalizing a royal decree that proposes new efficiency and renewable energy supply requirements for larger data centers. Among the proposed measures is the requirement to cover 80 percent of electricity consumption with new renewable generation, with hourly certification.

The National Commission for Markets and Competition (CNMC) has suggested relaxing this requirement to avoid potential inefficiencies, while industry representatives have warned of the impact it could have on the viability of some projects. The regulation is still undergoing the legislative process, so its final terms may still change.

Founded in 2006, Valencia-based Nethits provides a number of network, telephony, IPTV, and Wi-Fi solutions, with multiple services targeting the hotel industry. Nethits and asset manager Adequita Capital formed data center firm NXN in 2023 as a joint venture. The company is developing a facility in Valencia.

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