Iberdrola Seeks AI Data Center Stake in Spain Joint Venture [Financial Post (Toronto, Ontario, Canada)]
IBERDROLA SA S/ADR (IBDRY)
NASDAQ:AMEX Investor Relations:
iberdrola.com/shareholders-investors
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Iberdrola SA plans to provide a Spanish data center with a grid connection and renewable power in exchange for up to 20% of the facility, which will cost as much as €2 billion to build. Europe's top clean energy generator is in advanced talks with developers to provide land connected to the grid for the joint venture, but no cash, while its partner would make the investment to build the center and operate it, according to people with knowledge of the matter, who asked not to be named because the information isn't public. The unusual deal structure is a sign of how keen Iberdrola is to develop a global data center portfolio. Providing electricity in exchange for equity is a way for the Spanish utility to expand its presence in a capital-intensive but fast-growing sector. Processing a ChatGPT query uses nearly 10 times more energy than a Google se
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