U.S. investment fund Davidson Kempner and British investment firm Pioneer Point Partners will jointly invest up to $4.2 billion by 2025 in a large-scale data centre in Portugal to tap demand from global tech firms.
The two companies said in a joint statement that the campus in the city of Sines will include five buildings with a useful capacity to supply up to 450 megawatts of cheap energy from renewable sources to the servers.
The two firms said the centre will be one of the largest data centre campus projects in Europe and will address the exploding demand of large international technology companies. They pointed out that Sines has a strategic position as it is the place from which crucial high-speed trans-Atlantic submarine cables depart to other continents which connects Europe to South America.
“Data has been identified as the new oil of the digital economy,” Sam Abboud, founding partner at Pioneer Point Partners, said. “Portugal will benefit from this large investment in Sines that will place the country at the core of transatlantic and global data network.”