• Fund targeting 300 MW to 1 GW projects
• Overall portfolio of 10 GW+ powered and zoned land planned
• KRIOS Infrastructure and Cloverleaf management teams invest additional capital

Sandbrook Capital is targeting sites in the range of 300 MW to 1 GW as part of its EUR 200m equity investment into KRIOS Infrastructure’s European platform.

The investment will be used to target a portfolio of over 10 GW of powered and zoned land in total, according to Sandbrook managing director Sebastian Serra.

“The business model aims to achieve RTB status on grid connected data centre sites,” he explained.

“We sell shovel ready sites to buyers,” Serra added. “We’ve found that we’re typically not needed once the site is at RTB stage, and therefore look for full exits.”

For the projects in which the company is beginning development from scratch, it is expected to take over four years to reach the RTB stage in Europe.

In addition to pure greenfield development, the company also sees opportunities to acquire mid-stage development sites “where the project has been taken to a certain point but is lacking capital and expertise to take it all the way.”

According to Serra, the company is holding active conversations with “more than a handful” of sites for acquisition.

“We look to derisk sites for municipalities and utilities looking for a hyperscaler data centres, and for the hyperscalers themselves,” he said.

Potential clients could also include neocloud and colo players across Europe, however clients are yet to be signed due to the early stage of the projects.

Specifics around the location of new sites have not yet been revealed but eight countries within the Tier II and Tier III markets are being targeted due to oversaturation in the FLAP-D region.

“There’s a huge amount of value to be created by going to areas where data centres haven’t fully kicked off, and where land and energy are more available,” Serra said.

In addition to the EUR 200m committed by Sandbrook, the management teams of Cloverleaf and KRIOS Infrastructure also invested additional equity.

Serra does not expect a debt raise to take place.

Earlier this month, pan-European developer KRIOS Infrastructure announced the launch of the pan‑European infrastructure platform focused on developing zoned, grid‑secured land to enable large‑scale AI and data centre projects.

This is the second Cloverleaf infrastructure platform into which Sandbrook has invested, after previously committing to Cloverleaf’s US-focused projects.

“It has been very successful and are looking to replicate this strategy in Europe with Krios,” Serra said.

“Europe is falling further and further behind the US but we see great potential in this market and truly believe Krios can help Europe catch-up,” he said.