C:\Users\moshe\OneDrive\Desktop\SAM DATA CENTERS\Obrovac_Data_Center\ • 2 Excel models • 5 PDFs • 1 DOCX
| Metric | Value |
|---|---|
| Programme scale | ~100 MW IT (critical) load; ~120–130 MW grid draw at PUE 1.2–1.3 |
| Facility CAPEX (excl. IT) | €1.25–1.3b total — ~€12.5–13.0m / MW |
| IT/compute hardware | €13–37m+ / MW for AI deployments — potentially €1.3–3.7b+; EXCLUDED |
| Blackstone/Digital Realty JV | ~€13.0m / MW unit cost (all-in, premium FLAP-D + NoVA; ~USD 7.0b / 500 MW) |
| JLL 2026 outlook | ~€10.5m / MW (construction, blended — scope/land treatment to confirm) |
| Closest-scale comparables | Apple Viborg & Data4 Warsaw (~100 MW class); Sines for the grid-led thesis |
| Critical path | HOPS grid connection (multi-year); main transformers / HV switchgear (60–130+ wks) |
| Key gating items | HOPS firm capacity + energisation date; UPU (zoning) adoption status |
| FX reference | USD 1.00 ≈ EUR 0.93 (EUR/USD ≈ 1.08); confirm and date before circulation |
| Estimate status | Memo-stage, order-of-magnitude. QS estimate required pre-IC. Smaller scale → upper end of ranges. |
Reporting currency is EUR. Costs cover facility capital cost only — land, shell & core, power, cooling, life-safety, network and soft costs. IT/compute hardware (servers, GPUs, storage, switching) is excluded and, for an AI-oriented deployment, will exceed the facility cost by a wide margin (€13–37m+/MW, i.e. €1.3–3.7b+ for this programme).
Scale note: At ~100 MW the project is roughly one-fifth the Blackstone JV. Reduced procurement leverage and the spreading of fixed/first-of-site costs over fewer MW tend to push the realistic outcome toward the upper end of ranges.
PUE overhead: Allow PUE ~1.2–1.3. A 100 MW IT facility draws ~120–130 MW at the grid. Size the HOPS connection on the gross figure, not the IT figure.
Blackstone / Digital Realty JV (Dec 2023) — ~€13.0m/MW: Consistent with public record. ~80% Blackstone / ~20% Digital Realty across Frankfurt, Paris and Northern Virginia; ~USD 7.0b at full build-out, ~500 MW. Used as unit-cost benchmark, not a scale comparable.
JLL 2026 Global DC Outlook — ~€10.5m/MW (up 6% YoY): Level is plausible (industry range ~€9–11m/MW). Verify figure, +6% and scope against source. Likely a different scope from the €13.0m/MW (see reconciliation).
Turner & Townsend 2025–2026: Recognised source for global data-centre construction cost benchmarking. Cite the published edition (note its base currency before converting).
Reconciling €13.0m/MW vs €10.5m/MW: The two unit costs are not in conflict — they measure different scopes. Blackstone (≈€13.0m/MW) = total project investment, premium FLAP-D + NoVA markets. JLL (≈€10.5m/MW) = construction cost blended across regions, often excluding land and grid/substation works. For a Croatian site, land and labour below FLAP-D help, but at 100 MW the scale premium partly offsets that — the €12.5–13.0m/MW band used here is reasonable.
| Project / Operator | Location | Capacity | Investment | Status | Relevance |
|---|---|---|---|---|---|
| Apple Data Centre | Viborg, Denmark | ~100 MW class | ~€921m | Operational | Closest absolute-scale peer |
| Data4 / EdgeConneX | Warsaw, Poland | ~100–300 MW | €1b+ phased | Building out (CEE) | Closest CEE market peer |
| Vantage Data Centers | Frankfurt / Berlin | 100s MW campus | €1b+ per campus | Building out | European scale benchmark |
| Microsoft “GR for Growth” | Athens, Greece | 100s MW | Multi-billion | Expanding | Southern Europe comparable |
| Start Campus “SINES DC” | Sines, Portugal | Up to ~1.2 GW | ~€3.5–8.5b phased | Under construction | Grid-led brownfield thesis |
| YTL / NVIDIA AI DC Park | Johor, Malaysia | Up to ~500 MW | ~€4.0b | Announced 2023–24 | AI density unit-cost benchmark |
| Switch Citadel Campus | Tahoe Reno, NV | Up to ~650 MW | Multi-billion | Multi-year build | Large-scale US benchmark |
| AWS New Carlisle | Indiana, USA | 100s MW | ~€10.2b | Announced 2024 | Hyperscale cloud benchmark |
| Meta Richland Parish | Louisiana, USA | Target ~2 GW | ~€9.3b | Announced Dec 2024 | Mega-campus scale |
| Stargate (OpenAI/Oracle/SoftBank) | Abilene, TX | ~1.2 GW+ (site 1) | Part of ~€460b program | Announced Jan 2025 | AI-era scale landmark |
| Obrovac (this project) | Croatia (CEE) | 100 MW IT | €1.24–1.30b | Memo-stage | — |
Most instructive on strategy: Start Campus at Sines (Portugal) — brownfield, ex-power-plant site repurposed at scale, where the thesis rests on inherited grid connection and subsea-cable landings. Same grid-and-zoning critical path as the Eurodragon / HOPS / UPU material.
| Component | EUR m/MW (range) | Total EUR m (100 MW) | Share | Sub-scope |
|---|---|---|---|---|
| A. Land & site | 0.70–1.10 | ~90 | 7% | Acquisition (Croatia basis, below FLAP-D) + site prep, civil, earthworks, access |
| B. Building shell & core | 1.20–1.65 | ~140 | 11% | Structure, envelope, roofing, white-space build-out |
| C. Electrical systems | 4.20–5.20 | ~470 | 37% | Grid/HV substation (HOPS) €110m; MV/LV distribution €105m; UPS €75m; Gensets €90m; PDUs €55m; BESS €33m |
| D. Mechanical / cooling | 2.30–3.60 | ~290 | 23% | Chiller plant €110m; AHUs €60m; Liquid cooling (CDUs) €85m; Pumps & piping €37m |
| E. Fire, life-safety & security | 0.23–0.42 | ~32 | 3% | VESDA / gas / mist suppression €19m; physical security €14m |
| F. Network & low-voltage | 0.28–0.46 | ~37 | 3% | Structured cabling, fibre, meet-me rooms, DCIM/BMS |
| G. Soft costs | 0.75–1.20 | ~97 | 8% | Design, engineering, owner’s PM, permits (incl. UPU) €74m; commissioning €23m |
| H. Contingency (~7–8%) | 0.85–1.00 | ~93 | 7% | Feasibility allowance |
| TOTAL (excl. IT/compute) | ~12.5–13.0 | ~1,240–1,300 | 100% | IT/compute (€13–37m+/MW) excluded; for AI deployments exceeds facility cost |
HOPS grid connection is the likely binding constraint. Confirm whether quoted capacity (MW) and energisation date are firm/contracted or indicative, and whether reinforcement (new substation/line) is required. Size on ~120–130 MW gross draw.
UPU (zoning) status: Verify the urban development plan is adopted and in force for the parcel, or model time-to-adoption into the programme. ~200,000 m² already voted as dedicated industrial land.
Land basis: Should sit below FLAP-D markets, partly offsetting the smaller-scale unit premium.
Water & cooling: Confirm make-up water rights/availability if using evaporative cooling, or budget for water-efficient / liquid-cooling designs.
Croatia investment incentives: 100% CIT reduction for up to 10 years for investments over €3M with 15+ jobs.
Power price: Drives opex, not capex — model separately; consider PPA / on-site generation / BESS for resilience and grid services.
Key: Recommended sequence — obtain HOPS connection feasibility/offer BEFORE binding land purchase. This differs from the counterparty’s default order and protects T2 capital.
| Holder | At Round | Post-MedOne Dilution |
|---|---|---|
| Founder (Euro Estate Strategy) | 67.0% | 33.5% |
| Investor (€5M) | 33.0% | 16.5% |
| MedOne (BOO partner) | — | 50.0% |
| Total | 100.0% | 100.0% |
If MedOne takes OpCo equity or a ground lease instead, ProjectCo is not diluted. Model both with counsel.
| Holder | Stake % | Value at Post-Money |
|---|---|---|
| BOO partner (Build-Own-Operate) | 80.0% | €40,000,000 |
| Developer (Euro Estate Strategy) | 10.0% | €5,000,000 |
| Investor (€5M) | 10.0% | €5,000,000 |
| Total | 100.0% | €50,000,000 |
Investor buys in at the round price: €5M for 10% = post-money value of a 10% stake. Operating upside (post-build, with anchor tenant) is additional and depends on the lease or offtake; not modeled here.
Eurodragon Trade d.o.o. offer Nr. 13/26, Zagreb 03.07.2026 — land, UPU, tender, HOPS steps and costs.
Croatia RETT 3% and 25% VAT on construction land — Croatian Real Estate Transfer Tax guidance, 2026.
Croatia investment incentives: 100% CIT reduction for up to 10 years for investments over €3M with 15+ jobs.
MedOne: largest data-center operator in Israel; Berkshire Partners and the van Rooyen Group acquired 49% in July 2022; roadmap above 250 MW.
Pantheon AI, Topusko: €50B total / 1 GW, announced April 2026 at the Three Seas Summit. Initial investment ~€12B.