InfraRed invests in Spanish data centre platform

Author: Joe Peck

InfraRed Capital Partners, an international mid-market infrastructure asset manager, has made a majority investment in NxN Data Centers, a Spain-based data centre platform focused on meeting growing demand for computing and data storage services.

NxN was formed in 2023 as a joint venture between Nethits Telecom Group and asset manager Adequita Capital. The platform is aimed primarily at regional enterprise customers and is developing facilities to support increasing requirements linked to digitalisation and AI-driven workloads.

InfraRed will invest alongside minority shareholder Adequita to support the development of NxN’s first site, a 5 MW data centre in Valencia, as well as potential expansion across the Iberian Peninsula.

Construction at the Valencia site has already started, with the facility scheduled to open in 2027. Once operational, it will provide colocation infrastructure designed to support high-density and AI-ready computing.

Expansion plans in an underserved market

Spain is attracting increased interest from data centre investors due to strong enterprise demand, data sovereignty considerations, and access to renewable energy. Despite this, the market remains relatively under-supplied compared with other European regions.

Pilar Banegas, Partner at InfraRed, comments, “NxN represents an opportunity to establish a data centre platform within Spain’s expanding digital landscape.

“We are pleased to be working with Adequita, whose experience and relationships across Spain will support the company’s development. We will also draw on our experience developing nexspace, our DACH data centre business, as we support the NxN management team.”

NxN’s leadership team brings experience across telecommunications, data centre operations, and enterprise services. The company says this background positions it to deliver its planned growth strategy in Spain.

Javier Salas, founder and Executive Chairman of Nethits and NxN Data Centers, says, “We are delighted to partner with InfraRed to deliver high-quality, energy-efficient data centres in Spain.

“By leveraging InfraRed’s experience in growing data centre businesses, we are well positioned to execute our vision for NxN.”

Josep Adsera, Principal at Adequita, adds, “We welcome InfraRed as the majority investor in NxN. Their investment reinforces the platform and enables it to move into its next phase of development. We look forward to continuing our collaboration.”