How are AI workloads and digital sovereignty shaping your investment strategy in European data centres?

Hossein Nouri,

Managing Director, Petro Power Construction

AI workloads and digital sovereignty have moved from side topics to fixed assumptions in every investment model. No new data-centre project in Europe can realistically move forward without addressing them — they now shape every aspect of design, financing, and operation.

AI computing has completely changed the equation. Rack densities that used to hover around 5 to 10 kW are now pushing 30, sometimes 70 kW. That kind of load forces a rethink of everything: electrical design, cooling strategy, and even the site’s energy source. Liquid-cooling corridors and on-site generation are becoming standard. The upfront capital spend is higher, but once a site can handle that density, tenants almost never leave. AI clusters don’t migrate easily, so once they’re in, you’ve essentially secured long-term yield.

Sovereignty concerns are having a similar effect on geography. More and more tenants insist on keeping capacity inside trusted jurisdictions where the regulatory environment is clear and data rules are predictable. That’s why capital is flowing toward markets that can combine solid grid access with compliant data regimes and realistic build timelines.

The underwriting process has widened too. Committees are no longer just looking at returns — they want to know about grid-queue exposure, the realism of connection dates, local permitting conditions, community sentiment, renewable integration, and ESG resilience. None of these are “nice-to-haves” anymore; they’re part of the core due-diligence checklist.

How are AI workloads and digital sovereignty shaping your investment strategy in European data centres?

Asper is focused on exploring 5-20MW, energy-integrated data centres embedded in urban areas, designed to be compatible with liquid cooling and adaptable to high-density AI workloads. This approach supports growing demand for sovereign, low-latency AI infrastructure while enabling differentiated offerings such as “net zero data as a service”.

AI is driving demand for higher-power, GPU-optimised racks, liquid cooling readiness, and on-site high-capacity fibre and networking. We prioritise sites that can deliver clustered GPU infrastructure and low-latency interconnects. Digital sovereignty prompts us to favour jurisdictions with clear data residency rules, strong local connectivity, and supportive regulatory frameworks; for certain customers we structure offers that include dedicated sovereign enclaves, local encryption/key management, and contractual data-residency guarantees.

Luigi Pettinicchio,

CEO, Asper Investment Management

James Lapushner,

CIO, Anacott Capital

Helena Fagraeus Lundstrom,

CEO, T. Loop

T.Loop's strategy is to build data centers that cater to high density loads and strategically located to be relevant for the growing AI inference use cases. Our sweet spot is 5-20 MW sites in Nordic and northern European major cities.

Power, policy, and ESG have become inseparable. In this market, if a project can’t meet all three, it simply doesn’t make it to financial close.