Summary
- EdgeMode has entered a non-binding term sheet with Pure DC covering development interests in Córdoba, Palma del Río, Vianos, and Cáceres.
- The company has also signed a non-binding offer with Spark AI Foundry for a planned 300MW IT campus in Mora, Toledo.
- The transactions show how Spanish power-ready or near-ready development land is being priced before construction begins.
EdgeMode is moving to sell several Spanish data centre development interests, including a group of sites linked to Pure Data Centres Group and a planned 300MW IT campus in Toledo to Spark AI Foundry Holdings.
The proposed transactions are built around ready-to-build status rather than completed facilities. EdgeMode has entered a non-binding term sheet with Pure DC covering land interests in Córdoba, Palma del Río, Vianos, and Cáceres, while a separate non-binding offer with Spark AI Foundry covers the DC Malpica project in the municipality of Mora, Toledo.
The structure shows how early-stage AI infrastructure projects are being valued in Spain. Pure DC’s term sheet includes payments for selected sites, additional payments when each site reaches ready-to-build status, and further consideration linked to leased IT capacity. The Spark AI Foundry offer sets an indicative purchase price of €1m per MW of permitted and certified ready-to-build IT capacity for the 300MW Malpica project, subject to due diligence, valuation, and a later share purchase agreement.
Powered land becomes the asset
The proposed Pure DC deal covers sites in Córdoba, Palma del Río, Vianos, and Cáceres. The Córdoba and Palma sites alone could reportedly reach a combined 1.5GW of power capacity at full build-out. That figure is development potential rather than live capacity, yet it explains why investors are prepared to transact before construction begins. Land, power rights, permits, and hyperscale leasing potential can acquire value long before a data hall is commissioned.
The Toledo deal is more specific. EdgeMode says Spark AI Foundry would acquire 100% of the share capital of DC Estate Malpica, the special purpose vehicle that owns the Malpica project, once it reaches ready-to-build status. The 105-hectare site is expected to reach that point by the end of 2026 or the first quarter of 2027 if permitting milestones are met, including environmental authorisation and a building permit conditional on that approval.
Power strategy sits at the centre of the Malpica plan. EdgeMode has said the project will use an off-grid approach to avoid capacity and infrastructure constraints in traditional hubs. The site is expected to connect to a natural gas pipeline for primary power, with up to 60MW of on-site rooftop solar generation also possible. That approach shifts risk rather than removing it, moving the project away from grid queue exposure and towards fuel supply, emissions, permitting, power plant integration, and public scrutiny.
EdgeMode’s Spanish plans have also included fuel cell and battery storage concepts, reflecting the pressure AI campuses are placing on conventional grid delivery. Spain has strong renewable generation potential and rising interest from cloud and AI infrastructure developers, but individual projects still depend on local network conditions, permits, land agreements, and community acceptance.
A pipeline market becomes financialised
Spain’s data centre market is now moving beyond announcements of new campuses. Site pipelines are being bought, optioned, packaged, and priced according to readiness. That creates a more sophisticated development market while making headline capacity figures harder to read. A multi-hundred-megawatt pipeline may represent secured power, speculative land control, on-site generation assumptions, or a mixture of all three.
For Pure DC, the proposed acquisition would deepen its Spanish development pipeline beyond its existing activity near Madrid. For EdgeMode, the transactions would monetise development work and support its shift from cryptomining towards AI infrastructure. For Spark AI Foundry, Malpica would provide a European entry point in a market where immediately accessible power and permitting progress are scarce.
The non-binding status of both transactions leaves room for delay or renegotiation. The Pure DC process includes exclusivity and a path to binding agreements, while the Spark AI Foundry offer depends on due diligence, valuation, and ready-to-build status. If environmental approvals, building permits, power assumptions, or customer demand change, the economics can move quickly.
The larger shift is already visible. In Spain, the asset being traded is not only a data centre building. It is the route to capacity: land, grid or energy strategy, permits, local acceptance, and the ability to turn those pieces into leased IT load.
