Intermoney | ACS (ACS) (Buy, Target Price €63) has, through its US subsidiary Turner, secured a contract with US AI giant CoreWeave to build a data centre complex in the state of Pennsylvania, involving a total investment of around €5.2 billion, according to Expansión newspaper.
Turner is partnering with local company Wohlsen on this contract. The two partners will build a facility with an initial capacity of 100 MW, expandable to 300 MW, making it one of the largest centres in the world. CoreWeave will be the tenant of the data centre, in which Chirisa Technology Parks and Machine Investment Group are also participating. The AI company made the announcement last week in Pittsburgh, Pennsylvania, during an event on energy and AI attended by US President Donald Trump.
Assessment: This is an important contract for Turner and, by extension, ACS. We understand that Turner will be responsible for the construction and equipment of the new data centres, not the supply of the servers, so the investment to be managed by the US subsidiary would be approximately half of the total amount by CoreWeave. In any case, this must be one of the most important contracts in ACS’s portfolio, which as of March this year stood at €91 billion. Turner has stated that data centres, together with the rest of the technology sector, should account for almost 40% of its project portfolio from 2027 onwards. Next Wednesday, 30 July, ACS will publish its results for the first half of 2025, in which we expect EBITDA to have grown by 27% to €1.464 billion.
