Core Stack and Green Arrow Capital to Invest €1 Billion in 13 Italian Data Centres

Italy's digital infrastructure landscape is set for a significant expansion after Core Stack, the data centre arm of Lazzari Group, and alternative investment firm Green Arrow Capital announced a joint commitment to invest more than €1 billion ($1.12 billion) over the next four years to develop 13 mid-size data centres across the country. The move underscores growing investor appetite for European digital infrastructure as demand for cloud computing, artificial intelligence workloads, and data localisation continues to accelerate.

The planned facilities will be powered entirely by renewable energy generated on-site, reflecting a broader industry push toward sustainable operations amid rising scrutiny over the energy consumption of data centres. Each site is designed as a medium-sized facility, a segment that has attracted increasing attention as hyperscale projects face mounting constraints on land, power, and permitting across Europe.

According to the two companies, the first two sites—located in the provinces of Cremona and Verona—are expected to receive the necessary permits by the end of 2027, with operations scheduled to commence in the first quarter of 2028. Following these more advanced projects in northern and northeastern Italy, the developers plan to shift their focus toward the centre-south of the country, broadening the geographic distribution of digital infrastructure beyond Italy's traditional data centre hubs such as Milan.

The companies also said the development of the data centres will rely on an entirely Italian supply chain, a commitment that could bolster domestic manufacturing, engineering, and construction sectors while reducing dependence on foreign suppliers for critical infrastructure components.

At a total investment exceeding €1 billion, the initiative represents one of the larger data centre commitments announced in Italy in recent years. The involvement of Green Arrow Capital, a firm with a track record in infrastructure and private equity, signals continued confidence in the Italian market's long-term fundamentals despite broader macroeconomic uncertainty across Europe.

For the wider industry, the project highlights a growing trend of mid-size, sustainability-focused data centre developments that can be deployed faster and closer to end users than hyperscale campuses. If successful, the Core Stack and Green Arrow venture could serve as a template for similar regional rollouts in other European markets where demand is rising but large-scale sites face permitting and power challenges.