Athens, 16^th December 2024 — The Independent Power Transmission Operator (IPTO) of Greece and Serverfarm, a global data center developer and operator, announced today the signing of a Heads of Agreement regarding the formation of Gemini, a Joint Venture with the objective of developing and operating state-of-the-art, hyperscale-ready data center facilities in Athens and elsewhere in Greece, on sites owned by IPTO.

This strategic alliance marks a significant milestone in advancing Greece’s digital infrastructure and fostering sustainable growth in the data-driven economy.

Gemini will combine the collective expertise and resources of two leading entities in their respective fields. IPTO, as a crucial pillar of the Greek energy sector, plays a pivotal role in managing the country’s electricity grid, ensuring stability, and embracing renewable energy solutions.

Leveraging its extensive experience, IPTO will be providing reliable and sustainable power supply, essential for supporting data center operations along with strategically located sites with access to power and optical fiber networks, as well as other operational resources. Serverfarm, as an expert in data center development and operations globally, with a strong track record in commercial real estate ventures, will be bringing unparalleled industry experience and advanced design and operational know-how, ensuring that the Joint Venture will become a point-of-reference for data center services in Greece.

Gemini plans to construct and operate hyperscale-ready data center facilities in the Greater Athens Area, leading initially with a campus with committed power of 130MW, creating the foundations for establishing a robust digital ecosystem to meet the escalating demands of cloud service providers, content delivery networks and enterprises.

The data centers will be designed with a focus on energy efficiency, utilizing state-of-the-art cooling technologies and renewable energy sources to minimize their environmental impact, creating an unparalleled platform for hyperscale computing in Greece. The Joint Venture envisions Athens as a prominent digital hub, offering secure, reliable, and low-latency data center facilities to national and international clients, bolstering Greece’s position in the global data economy.

The Founder and CEO of Serverfarm, Avner Papouchado, said:

“As leading tech and hyperscale organizations continue to expand into Greece, we see a great opportunity to leverage our expertise in this region. Our strategic partnership with IPTO, underscores our mission to invest in transformative projects that create long-term value. The Greek data center market is still one of the most under-served in Europe, but at the same time, its geographical location makes it ideal to serve as a data gateway between continents. Our collaboration with IPTO in creating Gemini and our shared commitment to excellence and sustainability, will enable us to leverage this immense potential to offer high quality, data center services in Greece. Our goal is to cater to the growing needs of hyperscale customers in the area and elevate Athens as a major hub for the industry, shaping the digital landscape in the broader region.“

The Chairman and CEO of IPTO, Manos Manousakis, said:

“IPTO is building critical infrastructure for tomorrow’s electricity and telecommunications backbone networks throughout Greece and beyond, interconnecting the future. We are delighted to partner with Serverfarm, through Gemini, to deliver world-class data center facilities in Greece. Serverfarm’s vast experience in developing state-of-the-art data centers, coupled with IPTO’s robust energy infrastructure and its strategic location at the crossroads of continents, will create an unparalleled platform for hyperscale computing in Greece, catering to the escalating demand for digital services in the region. This alliance symbolizes a significant milestone for Greece’s digital transformation, which is poised to build the foundation for a flourishing data-driven economy in Greece. In this way, we fully exploit synergies and create win-win business opportunities, transforming Greece into a critical energy and data hub of high geopolitical value, at the crossroads of Europe, Africa and Asia.”

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