Green Arrow Capital and Gruppo Lazzari Form €1 Billion Joint Venture for Renewable Data Centers in Italy
June 1, 2026
Green Arrow Capital and Gruppo Lazzari Form €1 Billion Joint Venture for Renewable Data Centers in Italy
Private equity firm Green Arrow Capital has entered into a joint venture with energy producer Gruppo Lazzari to invest more than €1 billion ($1.16 billion) in a network of data centers across Italy, marking a significant push to align digital infrastructure growth with renewable energy generation. The initiative will be implemented through Core Stack, a company launched by Gruppo Lazzari in 2025 to develop high-performance and low-latency data centers powered by on-site renewable energy.
Core Stack currently has 11 projects underway, and the joint venture’s pipeline includes a “substantial” number of additional projects, with a “significant share” expected to achieve construction approval in 2026. The first facilities are anticipated to begin construction later this year. Each new data center will be paired with a renewable energy plant configured under a “self-consumption model,” ensuring that the facilities’ operations are directly supported by locally generated green power.
The partnership builds on previous collaboration between Green Arrow Capital and Gruppo Lazzari in the biomethane sector. It comes against a backdrop of surging demand for computational capacity in Italy, driven by the expansion of cloud services and artificial intelligence. The companies stated that the joint venture aims to establish a “benchmark for a new model of Italian data centers” that are local, sustainable, and equipped with on-site renewable energy generation.
This venture is part of Green Arrow Capital’s second fund dedicated to energy and digital infrastructures, GAIF II, which is currently in the fundraising phase. Daniele Camponeschi, chief investment officer at Green Arrow Capital, emphasized the strategic importance of the initiative: “By combining digital capacity and green power generation within an inherently sustainable model, we are not only addressing the challenges of the energy transition, but also contributing to strengthening data sovereignty, national security and the protection of a strategic sector for the country’s future competitiveness, while creating a protected, resilient and high value industrial asset.”
Anna Lazzari, CEO of Gruppo Lazzari, added: “At a time when Italy and Europe are facing increasingly significant energy challenges, we believe it is essential to develop a new industrial model capable of integrating renewable generation and computational capacity within the same ecosystem. Through Core Stack and with the support of Green Arrow Capital, we aim to promote a network of Italian data centers designed to be sustainable, resilient, and strategic for the country’s digital and energy sovereignty.”
Source: datacenterdynamics
