100 MW IT Load • Zadar County, Northern Dalmatia • Project Finance Structure
All figures are memo-stage and order-of-magnitude. A quantity surveyor / cost consultant estimate is required before investment committee use. Power treated as tenant pass-through in base case. IT/compute hardware excluded from CAPEX scope.
Velebit Data Center d.o.o. is the Croatian special-purpose vehicle (SPV) that builds, owns, and operates the asset. Senior debt is non-recourse to sponsors and raised at the project level.
Component-level cost ranges from the feasibility section. Excludes IT/compute hardware (€13–37m+/MW for AI-density deployment). All figures memo-stage.
| Component | EUR m | Share | Allocation | Per MW (low–high) | Scope |
|---|---|---|---|---|---|
| A. Land & site | 90.0 | 7.1% | €0.70–1.10m | Acquisition, site prep, civil, earthworks, access | |
| B. Building shell & core | 140.0 | 11.0% | €1.20–1.65m | Structure, floorplate, roofing, white-space build-out | |
| C. Electrical systems | 470.0 | 37.0% | €4.20–5.20m | Grid/MV, transformers, switchgear, UPS, gensets, BESS, POUs | |
| D. Mechanical / cooling | 290.0 | 22.8% | €2.30–3.60m | Chillers, heat rejection, AHUs, liquid cooling, water treatment | |
| E. Fire, life-safety & security | 32.0 | 2.5% | €0.23–0.42m | Detection/suppression, physical security perimeter | |
| F. Network & low-voltage | 37.0 | 2.9% | €0.28–0.46m | Structured cabling, fibre, meet-me rooms, DCIM/BMS | |
| G. Soft costs | 60.0 | 4.8% | 5% of CAPEX | Design, engineering, owner's PM, permits, commissioning | |
| H. Contingency | 141.0 | 11.2% | — | Feasibility contingency allowance (residual to total) | |
| Total Facility CAPEX | 1,260.0 | 100% | €12.6m/MW |
Electrical systems alone represent 37% of facility CAPEX — the single largest cost driver. Long-lead procurement strategy for transformers, switchgear, and UPS is critical to schedule and budget certainty. AI-optimized IT hardware (€13–37m+/MW) is entirely excluded and is a tenant / operator cost.
Base case assumes full 100 MW contracted from Year 1. Power is a tenant pass-through (net-neutral to EBITDA). Non-power O&M at 10% of revenue. Corporate tax and maintenance capex excluded.
| Contracted revenue (offtake / lease) | 140.0 |
| Power (procured EUR 132/MWh — pass-through) | — |
| O&M / opex (non-power, 10% of revenue) | (14.0) |
| EBITDA | 126.0 |
| Annual debt service (amortizing) | (75.4) |
| Cash Flow to Equity | 50.6 |
Debt amortizes fully by Year 15. Terminal value at EBITDA / 8.0% exit cap rate = EUR 1,575m. Lines draw on load. All figures illustrative.
| Year | Opening Debt | Interest | Principal | Debt Service | Closing Debt | DSCR |
|---|---|---|---|---|---|---|
| 1 | 900.0 | 27.0 | 48.4 | 75.4 | 851.6 | 1.67x |
| 3 | 801.8 | 24.1 | 51.3 | 75.4 | 750.4 | 1.67x |
| 5 | 697.6 | 20.9 | 54.5 | 75.4 | 643.1 | 1.67x |
| 10 | 408.4 | 12.3 | 63.1 | 75.4 | 345.3 | 1.67x |
| 15 | 73.2 | 2.2 | 73.2 | 75.4 | 0.0 | 1.67x |
Pre-computed. Base case highlighted in amber. Green = above threshold • Yellow = borderline • Red = below. CAPEX €1,200m, Debt 3% / 15yr fixed.
| Cap Rate ↓ / Rev/MW → | EUR 1.0m | EUR 1.1m | EUR 1.2m | EUR 1.3m | EUR 1.4m | EUR 1.5m | EUR 1.6m |
|---|---|---|---|---|---|---|---|
| 6% | 21.1% | 25.2% | 29.1% | 32.8% | 36.4% | 39.9% | 43.2% |
| 7% | 13.5% | 17.1% | 20.5% | 23.9% | 27.1% | 30.2% | 33.2% |
| 8% | 8.0% | 11.1% | 14.1% | 17.0% | 19.1% | 22.5% | 25.1% |
| 9% | 3.6% | 6.4% | 9.2% | 11.9% | 14.5% | 17.1% | 19.6% |
| 10% | -0.1% | 2.5% | 5.1% | 7.6% | 10.1% | 12.5% | 15.0% |
| Cap Rate ↓ / Rev/MW → | EUR 1.0m | EUR 1.1m | EUR 1.2m | EUR 1.3m | EUR 1.4m | EUR 1.5m | EUR 1.6m |
|---|---|---|---|---|---|---|---|
| 6% | 12.6% | 15.1% | 17.4% | 19.6% | 21.7% | 23.8% | 25.7% |
| 7% | 8.1% | 10.3% | 12.3% | 14.3% | 16.2% | 18.0% | 19.8% |
| 8% | 4.8% | 6.6% | 8.4% | 9.6% | 10.8% | 12.5% | 14.5% |
| 9% | 2.2% | 3.8% | 5.4% | 7.1% | 8.7% | 10.2% | 11.7% |
| 10% | -0.1% | 1.5% | 3.1% | 4.6% | 6.1% | 7.5% | 9.0% |
EUR-normalized. Scopes differ; Obrovac at EUR 12.6m/MW is consistent with full all-in infrastructure benchmarks and below FLAP-D premium comparables.
| Benchmark / Comparable | Capacity | Unit Cost | Implied 100 MW | Location | Relevance |
|---|---|---|---|---|---|
| Blackstone / Digital Realty JV (Dec 2023) | ~500 MW | ~$14.0m/MW | ~$1.40b | FLAP-D / NoVA | Premium unit-cost benchmark; largest public hyperscale deal |
| JLL Global DC Outlook 2026 | Global blended | ~$11.3m/MW | ~$1.13b | Global | Avg shell-and-core; +6% YoY from 2025 |
| T&T 2025–2026 (shell & core) | 100 MW standard | $10.7–11.3m | $1.07–1.13b | Global | Shell-and-core only — excludes electrical / cooling |
| T&T 2025–2026 (all-in) | 100 MW | $16–22m/MW | $1.6–2.2b | Global | Full electrical, cooling, fire — most comparable scope |
| Apple Data Centre (Viborg) | ~100 MW class | ~€9.2m/MW | ~€921m | Denmark | Closest absolute scale peer; operational |
| Data4 / EdgeConneX Warsaw | 100–300 MW | ~€10m/MW | €1.0b+ | Poland (CEE) | Closest CEE market peer; building out |
| YTL / NVIDIA AI DC Park | Up to ~500 MW | ~€8m/MW | ~€4b total | Malaysia | AI / high-density benchmark; 2023–24 |
| Obrovac Model (this project) | 100 MW IT | €12.6m/MW | €1,260m | Croatia (CEE) | Memo-stage; excl. IT/GPU hardware (€13–37m+/MW) |
Schedule risk in data center development is dominated by equipment lead times and regulatory gating items. Procurement must be initiated at or before Financial Investment Decision (FID).