IREN Limited has finalized its acquisition of Ingenostrum, S.L. (Nostrum Group), establishing a presence in Europe through the purchase of the Spanish AI data center developer, according to a Monday press release.

The transaction adds around 490MW of secured, grid-connected power in Spain to IREN’s portfolio and includes a pipeline of future projects. More than 50 employees across development, engineering, construction and operations will also join the company.

The acquisition creates a foundation for IREN to support accelerating AI cloud demand across Europe, according to the company. Nostrum’s business will continue to operate under the IREN name.

Commenting on the move, co-founder and co-CEO Daniel Roberts said that Europe is a rapidly growing market for AI infrastructure, while Spain offers favorable conditions including renewable energy availability and strong fiber networks. He said the acquisition delivers both near-term power capacity and long-term development potential.

Nostrum CEO Gabriel Nebreda said the company has developed one of Spain’s most advanced AI infrastructure pipelines and that partnering with IREN will allow projects to be executed more quickly and at greater scale to meet market demand.