Swiss alpine town in winter
Markets

Power-first market selection

Germany, Switzerland, the United Kingdom and the Nordics, with further European markets assessed against the same criteria.

Switzerland
Aerial view of Frankfurt am MainGermany

Europe's largest market

Transmission-connected and zoned greenfield capacity; joint ventures with power producers.

 Snow-covered Swiss alpine townSwitzerland

Home market

Operating infrastructure, direct renewable supply and sovereign demand.

 Aerial view of data centre roofsUnited Kingdom

AI Growth Zones

Large-scale capacity with on-site generation.

 Snow-covered northern landscapeNordics

Renewable scale

Fully fitted AI capacity on secured renewable power.
Criteria

How markets are selected

Credible power

Grid capacity that can be confirmed for 2027 to 2028, or generation that can be connected directly.

Workable planning

Zoning frameworks and authorities that deliver data centre consents on a predictable timeline.

Sovereign and AI demand

Hyperscale, AI, sovereign and enterprise customers requiring capacity in that jurisdiction.

Context

A continent short of capacity

EU data centre demand and expected capacity, 2036 Demand of about 61.5 gigawatts of IT load against expected capacity of about 42.5 gigawatts, a shortfall of about 19 gigawatts. Demand 61.5 GW Expected capacity 42.5 GW 19 GW gap IT load, EU, 2036, European Commission central scenario
Source: European Commission impact assessment for the proposed Cloud and AI Development Act, as cited by ECB President Christine Lagarde, September 2026. Low and high scenarios put the gap at 12 GW and 23 GW.