The digitization of the economy and the rise of generative artificial intelligence are driving an unprecedented demand for data centers. The sector is estimated to require a global investment of $6,7 trillion by 2030.According to several reports from consulting firms and asset managers, this growth, which hovers around 22% annually, is transforming the energy and urban landscape of countries aspiring to become digital hubs.
In Spain, the data center craze knows no bounds. The installed capacity could reach 4,14 gigawatts (GW) of computing load by 2030According to Bank of America, this would represent an electricity consumption of 21 terawatt-hours (TWh) by the end of the decade. At the European level, 44,2 GW and 228 TWh are expected, representing approximately 10% of the continent's total electricity demand. The United Kingdom, France, Germany, and Spain will account for 60% of that capacity.
Million-dollar investments and growing capacity
The SpainDC association, which brings together the main operators, estimates that the sector could mobilize 66.900 billion euros until 2030 and generate more than 16.000 jobsHowever, access to the electricity grid remains the main bottleneck. In Dublin, for example, data centers already consume 22% of the country's electricity, more than all urban households combined, leading to a search for alternatives in southern Europe, where Spain presents itself as an attractive option due to its relative energy availability.
Among the most prominent projects are the Microsoft campus in Zaragoza, and the Ferrovial's 'MAD01' development in Alcobendas, which anticipates 1.000 billion and 60 MW of capacity. The REIT Merlin Properties has become a key playerIt has 44 MW of operational capacity in Madrid, Barcelona, ​​and the Basque Country, and expects to reach 112 MW by the second quarter of 2027, with annualized revenues of approximately €167 million. Its shares have appreciated by 23% in 2026, driven by the investment boom in artificial intelligence.
Merlin Properties, between optimism and caution
Merlin's success has benefited its main shareholders, Banco Santander and Manuel Lao, whose stakes have increased in value by more than 500 million euros. However, Jefferies analysts have downgraded their recommendation on the REIT to 'hold'The company warned that 85% of its 180 MW pre-leased capacity is held by 'neo-cloud' operators, a segment with an estimated 42% default probability. The US firm cut its target price from €17 to €16 per share, raising doubts about the sustainability of the price increase.
Despite caution, Merlin is pressing ahead with its expansion plan. Phase II of the project, with 254 MW, is progressing as planned, and the company has announced new developments in Aragon, joining the trend of Deployment of data centers in Aragon. The total committed investment amounts to 3.370 billion eurosOf which 723 million have already been executed. The company estimates that, once the planned volume is reached, data centers will surpass the contribution of logistics and shopping center businesses.
Energy and regulatory challenges
The sector's growth is not without controversy. Royal Decree-Law 7/2026, which requires data centers to generate additional renewable energy equivalent to their consumption and allows for the suspension of grid access to those who fail to meet efficiency criteria, has been criticized by SpainDC. The association believes it introduces a discretionary power incompatible with investor confidence. It argues that regulation should be proportionate and consistent with Europe. For its part, Bank of America points out that access to electricity grids is the main constraint limiting the pace of development.
The sector's lobbying is intense. The digital industry spends €151 million annually in Brussels, with 890 full-time lobbyists. In Spain, SpainDC has organized more than 150 events in three years, and its executive director, Begoña VillacÃs, addressed the European Parliament to defend the essential nature of these infrastructures. The association presented a barometer that gives the sector a score of 8,7 out of 10.However, he acknowledges that only 11,4% of those surveyed claim to know them quite well, revealing a paradox between high appreciation and widespread lack of knowledge.
The combination of multi-billion euro investments, energy challenges, and evolving regulations paints a complex picture for data centers in Spain. While major technology companies and REITs accelerate their plans, the need to guarantee a stable electricity supply and clear regulations is emerging as key for the country to avoid missing the boat on digitalization. The sector, which already generates figures comparable to those of traditional infrastructure, will continue to play a leading role in the coming years, presenting both opportunities and challenges.