Hscale, the pan-European hyperscale data centre platform backed by Bain Capital and Aquila Group, has closed the acquisition of a second large-scale campus in northwest Milan’s Settimo district. The deal brings the operator’s total committed power capacity in the Milan metropolitan area to 250MW across two fully owned sites, with a combined capital commitment exceeding €2 billion.

The newly acquired campus, designated MXP2, joins the existing MXP1 site in Settimo. MXP1 is a single 48MW facility targeting ready-for-service in Q4 2027, while MXP2 will comprise three buildings delivering 120MW by Q3 2028. Both sites have secured power capacity, and pre-construction and procurement activities are already underway.

The Milan expansion represents the largest single-metro commitment in Hscale’s portfolio and underscores the intensifying competition for hyperscale-ready land and power in southern European markets. Milan, home to the MIX internet exchange with more than 420 connected networks, has emerged as a key connectivity hub for hyperscale operators expanding into the Mediterranean region.

 

The Sites

Both MXP1 and MXP2 are located in Settimo, northwest Milan, which Hscale describes as one of the region’s most established hyperscale infrastructure locations. The campuses are fully owned — not leased — giving the operator direct control over site development and timeline. Power capacity has been committed for both facilities, a significant de-risking factor in a market where grid connections in major European metros can take years to secure.

Hscale’s base design is liquid-cooled first, with facilities supporting air-cooled, direct liquid-cooled, and hybrid configurations without requiring structural modifications or additional capital expenditure. This modular cooling approach is designed to accommodate the shifting density requirements of AI workloads alongside traditional cloud deployments.

 

Investment and Power

The combined investment across MXP1 and MXP2 exceeds €2 billion, according to Chief Commercial Officer Paul Berry-Selwood. Nearly half of the power sourced for Hscale’s Milan operations is expected to come from renewable sources — solar, wind, and hydroelectric — through a partnership with Aquila Clean Energy, the renewables arm of minority stakeholder Aquila Group.

Hscale plans to increase the renewable share as grid capacity expands. The integration of clean energy supply through a corporate affiliate distinguishes the platform from competitors reliant on third-party PPA markets for green power procurement.

 

Operator Background

Hscale was formed in 2025 as a joint venture between Bain Capital (80% stake) and Aquila Group (20%), built on Bain’s October 2024 acquisition of Aquila’s data centre arm AQ Compute. Bain Capital manages approximately $225 billion in assets globally and positions Hscale alongside its other data centre investments including Bridge Data Centres in Asia and DC BLOX in the United States.

The platform is led by CEO Oliver Schiebel, formerly CEO of German operator Mainova WebHouse. Hscale’s leadership team claims combined experience delivering 6.85GW of data centre capacity across EMEA and APAC. The company is headquartered in London.

Beyond Milan, Hscale’s European pipeline exceeds 1GW. Operational and development-stage assets include OSL1 near Oslo (6MW live, 12MW under construction, with a campus target of approximately 200MW), BCN1 near Barcelona (10MW under construction, 50MW planned), and MAD1 near Madrid (192MW planned). Pipeline locations also include London, Frankfurt, and Zaragoza.

 

Milan Market Context

Milan has attracted increasing hyperscale investment as operators seek alternatives to capacity-constrained northern European hubs. The city’s position as Italy’s financial capital, its proximity to Mediterranean subsea cable landing points, and the MIX exchange’s 420-plus connected networks make it one of southern Europe’s most attractive data centre markets.

Hscale’s 250MW commitment positions it among the larger operators building in the Milan metro, though it enters a market that already includes established players such as Equinix, Digital Realty, and Stack Infrastructure. The ability to deliver power-secured, fully owned campuses in 2027-2028 could give Hscale a competitive advantage in a market where greenfield permitting and grid connection timelines remain challenging across Italy.

 

What’s Next

With both Milan campuses now in pre-construction, Hscale’s near-term execution will be measured against its Q4 2027 and Q3 2028 delivery targets. The operator has not disclosed specific anchor tenants for MXP1 or MXP2, though its hyperscale-first positioning and AI-ready cooling infrastructure suggest the facilities are designed for large-scale cloud and GPU deployments.

The broader European buildout — targeting more than 1GW across at least seven cities — will require sustained capital deployment well beyond the €2 billion earmarked for Milan, positioning Bain Capital’s infrastructure strategy as one of the more aggressive private-equity-backed plays in the EMEA data centre sector.

 

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