O-Green plans €7.4bn, 570MW data center campus in Spain

O-Green, an Oman-affiliated fund, plans to invest €7.4 billion ($8.3 billion) in a 570MW data center campus in Zaragoza, Spain, Data Center Dynamics reported, citing El Economista.

The campus is reported to replace a Vantage Data Centers project announced in September 2025, when the company said it would invest €3.2 billion in Zaragoza. The original initiative was planned in Villanueva de Gállego with Vantage as partner; the developers are said to have dissolved that alliance and moved the site to San Mateo de Gállego. The new campus, CDC San Mateo, is being developed by Copiapo, which is linked to Atalaya Generación Eólica and Posidonia Inversiones, and financed by O-Green alongside the Aragonese group Desarrollos Ecoindustriales La Cartuja.

The documentation cited by DCD records permits for 80MW at the Peñaflor substation and 10MW at Villanueva de Gállego, or 90MW in total, exactly the capacity of the first phase. Additional capacity has been requested and is still pending, and the report says that even if those requests were granted, the available power would not cover the 570MW target. Phase one is the asset an underwriter can price today; the remaining 480MW needs interconnection that has not been granted and customers who have not signed.

The complex would occupy about 122 hectares south of the Río Gállego 1 industrial park. It would have seven buildings across four phases and roughly 1.22 million sqm (13 million sq ft) designed for hyperscale and high-density AI workloads. The first 90MW could go live in 2029.

Cooling remains open. The documentation weighs dry, hybrid and evaporative systems depending on customer needs, and plans to draw water from the Gállego River; it quantifies only the first phase, at 225 cubic meters a day, and does not state consumption for the whole campus.

Measured against the 570MW target, the €7.4 billion figure works out to roughly €13 million per megawatt at full build-out. That is a design ratio rather than committed spend, and the DCD report gives no capacity figure for Vantage's earlier €3.2 billion plan, so the two investments cannot be compared per megawatt.

The documentation says the timetable for phases two through four depends on new capacity being allocated and on demand from future customers. Preliminary consultations have begun to set the scope of a strategic environmental assessment covering the campus and the planned electrical and fiber-optic connections across several municipalities.