The thesis
Why secondary-market origination. Why now.
Capacity constraint has moved
European DC constraint has moved from capital availability to grid readiness. Sites with documented HV grid proximity are now the scarce resource. (CBRE, Hines, EUDCA — 2025–2026 reports)
Capital moving to secondary markets
62% of investors favour opportunistic new development (CBRE 2025). Romania DC market: 19.93% CAGR through 2031 (Mordor Intelligence).
Institutional zone validation
PPC Romania (Greece's largest listed energy company) acquired 9.9 ha adjacent in December 2025 for 100 MW generation. Independent institutional allocator chose the same zone.
Early, before pricing
This site has not been packaged by any large operator. No operator premium yet. 18 months of institutional origination work is completed and documented.
Capital structure
How capital enters and is deployed.
Milestone gates — nothing deployed before its corresponding milestone is reached.
Already deployed — founder equity
18 months of originator work: site identification, grid documentation, municipal relationships, company registration, Partnership Agreement, Institutional Support Letter, data room.
ATR commissioning & supporting studies
Formal Transelectrica ATR filing, technical advisors, preliminary geotech / hydrological / seismic studies. Triggered on definitive partnership signing.
Land acquisition at tender outcome
Purchase price (sale) or concession fees / performance guarantees (concession). Set by ANEVAR valuation minimum plus tender outcome. Triggered on HCL vote + tender.
Environmental & construction permits
Full EIA, Building Permit (AC), design phase and long-lead equipment deposits. Triggered on land allocation.
Construction financing
Main capital deployment — construction, fit-out, commissioning. Equity, equity+debt or debt-heavy per partner preference. Triggered on construction permits issued.
Operating capital and exit window
Operating capital until stabilisation. Exit: sale to strategic operator, recapitalisation, or long-term infrastructure hold.
Risk framework
The risks, named.
Every risk in this project is either public-procedure risk or execution risk. Named explicitly so no one is surprised in diligence.
| Risk | Status | Mitigation path |
|---|---|---|
| ATR study outcome — actual connectable MW below preliminary range | Known | ATR commissioned before land capital is deployed. No land capital at risk until ATR outcome known. |
| HCL Local Council vote — negative or delayed | Known | Mayor's Office committed to initiating under Agreement Art. 3.1. If negative, Agreement terminates under Art. 13.3 without residual liability. |
| Public tender outcome — third-party wins | Known | Tender is open by law. Technical criteria under Art. 6.2 calibrated for data-center use. |
| EIA findings — adverse conclusions | Known | Pre-screening: no apparent conflicts (industrial zone, no Natura 2000 overlay). Full EIA by partner post-allocation. |
| Municipal political change | Known | Agreement binds Municipality as institution (not person) under Art. 16.4. |
| Regulatory change — Romania or EU | Known | Force majeure clause Art. 12. PCI designation provides accelerated-permitting protection under Regulation (EU) 2022/869. |
| Currency — RON/EUR exposure | Known | Handled at SPV level by partner treasury policy. |
| Build / construction cost overrun | Known | Construction risk underwritten by development partner. Outside scope of RDI as originator. |
Reference points
What third-party literature says.
"The stage is set now in Europe for developers with local knowledge to find and prepare land for data center usage."
Hines · Powered Land Report 2025 ↗
"Future capacity growth will be constrained primarily by grid readiness rather than access to capital."
EUDCA · 2026 State of European Data Centers ↗
"62% of investors favour opportunistic new development."
CBRE · Global Data Center Investor Intentions Survey 2025 ↗