We meet the CEO of BAIF at Four Season Hotel in Madrid. It’s a quiet afternoon, and the lobby, though busy, maintains a relaxed atmosphere. It’s the kind of place where business deals take shape—executives with briefcases, quiet conversations, and the occasional clink of a coffee cup on its saucer.
He arrives on time, with a nod of recognition and a subtle smile. There’s no pretense in his demeanor—just the air of someone accustomed to navigating numbers, projects, and the kind of decisions that shape industries. He settles into his seat, orders a coffee, and gets straight to the point.
“The time is now,” he says with quiet confidence. “What we’re witnessing with artificial intelligence and data centers isn’t a passing trend; it’s a structural transformation.” His tone is direct, free of unnecessary embellishments. He prefers facts over speculation, concrete plans over vague promises.
BAIF has positioned itself as a key player in the development of Green Data Centers, with a 3 GW pipeline in Spain and Portugal and a well-defined strategy for expansion. In this conversation, we explore his vision for the sector, the opportunities for investors, and how Iberia could become a benchmark in sustainable digital infrastructure.
Professional Background and Industry Evolution
Question 1: You have built a distinguished career in the energy and technology sectors. How did you start in the industry, and what led you to establish BAIF?
Jose Mora: Nearly 20 years in the sector… When I began working in clean energy, we were practically pioneers. For me, the most disruptive realization was understanding that a solar or wind energy project has never really been about engineering or construction. This paradigm shift led me to rethink many assumptions and to remain cautious about emerging technologies.
Over time, it became clear that the real value of renewable energy projects lies in the fact that they are fundamentally financial investment products, with all the advantages and challenges that such assets entail. It is almost naive to see how some professionals in the industry still focus on a project’s Performance Ratio, when in reality, what truly drives these assets is the speed at which they are traded across financial markets. From a strategic standpoint, technical feasibility is secondary compared to market value and investor confidence.
I look back on my early days in the sector with a sense of nostalgia. We were a young, dynamic, and ambitious team. We were fortunate to be involved from the very beginning of the clean energy investment market in Spain and globally. A key milestone was our participation in the world’s first solar energy project connected to the grid without government subsidies or incentives in 2013. Today, this may not seem groundbreaking, but at the time, it was a major achievement that positioned us as industry pioneers.
Over the years, I had the opportunity to experience first-hand what it means to internationalize a company, expanding into multiple markets and understanding how to operate in diverse economic and regulatory environments. This experience shaped my strategic vision and adaptability in the infrastructure investment sector.
BAIF is my latest and undoubtedly most ambitious project. It is deeply aligned with the disruptive technologies that are already reshaping the industry. With all the challenges that come with it, we have built a team with decades of experience, which gives us confidence in achieving our objectives in the short and medium term. The sector is evolving rapidly, and we know a new bubble is forming. This time, we are ready.
Question 2: Your experience in renewable energy projects has been key to your focus on Green Data Centers. How has your vision of the sector evolved from your early developments to now?
Jose Mora: Without a doubt. As I mentioned, I have spent 20 years in the renewable energy investment sector. It is a sector that has matured, and while it remains an active market, it no longer offers the innovation potential it once had. The fundamentals remain the same: even as technology evolves, the core investment and profitability concepts have not changed.
A Green Data Center is, essentially, a financial investment asset, with the added advantage that institutional funds are driving its development and financing. It is nothing more than that. At BAIF, we understand that developing a Green Data Center requires a similar effort to that of developing a large-scale solar plant. We face the same regulatory barriers and complex permitting processes, but we have identified strategic advantages that play in our favor.
For instance, there is no competition. We are developing a 3 GW pipeline across Iberia, and surprisingly, we do not encounter other developers in this segment. And we know exactly why.
One of the biggest challenges we face is not technical but educational. Many fund managers come from a real estate mindset, which leads them to insist on investment criteria that do not apply to a highly technological and disruptive industry.
A clear example is the debate over data latency. It is true that data centers tend to cluster in existing hubs to minimize latency. However, what many investors fail to understand is that, in markets like Spain, those areas no longer have the electrical capacity to support new large-scale developments.
Despite this, funds continue to prioritize locations like Madrid, Aragón, or Barcelona, without questioning the feasibility of these projects. They do not realize that a new 100 or 120 MW data center in an area with available energy becomes, in itself, a new hub, attracting further developments around it and establishing the next expansion zone. It is the availability of electrical infrastructure that dictates where the industry can grow, not just proximity to traditional hubs.
At BAIF, we have a clear strategy: deploying a network of interconnected data centers across the Iberian Peninsula, ensuring both scale and access to power capacity. Only in this way can we guarantee sustainable sector expansion without the structural bottlenecks that limit growth in traditional hubs.
Question 3: BAIF has committed to developing a network of Green Data Centers across Iberia. What is the strategy behind this vision, and how does it differentiate you from other developers?
Jose Mora: Indeed, our strategy is based on a thorough analysis of the current state of the sector in Iberia. There are currently 44 operational data centers, with many more under development and construction. Most of these are concentrated in Madrid, Barcelona, and Aragón, following a model focused on reducing latency. However, this approach has created a severe energy bottleneck in these locations, making large-scale new developments increasingly unfeasible.
Our approach is fundamentally different. Instead of restricting ourselves to traditional zones, we prioritize the development of Green Data Centers in areas with guaranteed energy availability, unlocking new growth opportunities for digital infrastructure across Iberia. Over the last 20 years, Spain has seen a massive expansion in renewable energy generation, yet it lacks large-scale energy consumers to balance the demand. Data centers are the only infrastructure capable of consuming energy at this scale, and our strategy is to place them where energy availability is not a limiting factor, allowing us to create new digital infrastructure hubs.
At BAIF, we develop data centers of at least 50 MW, with a progressive expansion strategy, interconnecting them from southern Iberia to the north, forming a new network of digital hubs that do not rely on the structural limitations of traditional ones. Additionally, all our facilities integrate solar energy as a secondary power source, significantly improving operational profitability and reinforcing the sustainability of our model.
Our biggest distinction from other developers is clear: we currently have no real competition in this model. Large investment funds remain focused on traditional locations without questioning their actual feasibility. Our work goes beyond development; we are engaging in an educational effort with investors, demonstrating that this is the only viable business model in Spain and other markets with similar energy constraints. While others try to adapt to a saturated model, BAIF is creating the hubs of the future rather than aligning with the limitations of existing ones.
Question 4: Beyond energy availability, what other factors do you consider key to the success of Green Data Center development in Iberia?
Jose Mora: In addition to a strong dark fiber network, the Iberian Peninsula boasts an advanced telecommunications infrastructure, positioning it as a strategic node in global connectivity. Recent studies highlight that Iberia is virtually at the center of the digital world, with extensive submarine cable infrastructure connecting the five continents with unmatched latency.
Companies like Lyntia have expanded their presence in Portugal, acquiring 1,100 km of fiber and offering dark fiber and co-location services, further strengthening connectivity across the peninsula.
Additionally, Reintel’s backbone network links Spain’s major urban centers, providing interconnections with France, Portugal, Morocco, and Andorra, ensuring seamless integration with both national and international networks.
These investments and continuous expansion of fiber optic infrastructure ensure that the current network is more than capable of handling increasing data traffic, with continuous improvements expected in the coming years. This robust connectivity, combined with the previously mentioned energy availability, creates an ideal environment for the development and operation of Green Data Centers in the region.
Question 5: What are the key factors that make Green Data Centers an attractive investment for institutional investors and private equity?
Jose Mora: Until the rise of artificial intelligence AI data storage needs for both companies and individuals were largely met Traditional low-power data centers were sufficient as their primary function was limited to passive data storage without significant processing demands.
However the emergence of AI machine learning and advanced data processing technologies has fundamentally shifted the landscape Today it is not only necessary to store data but also to process it in real time analyze it and generate high-value strategic insights This shift has driven a transformation in the data center business model
The traditional model based on colocation leasing is evolving into a much more integrated and dynamic approach where the design and development of a data center must be fully aligned with the technology it will host Infrastructure is no longer just a storage facility but rather a high-performance ecosystem optimized to maximize operational efficiency for AI-driven applications
For institutional investors and private equity funds Green Data Centers represent an unprecedented strategic opportunity for several key reasons 1 High demand and limited supply.
The infrastructure for AI and data processing is rapidly expanding while the availability of data centers equipped for these technologies remains scarce 2 Recurring revenue models.
Unlike other infrastructure investments long-term leasing agreements with major tech companies and hyperscalers ensure stable and predictable cash flows 3 Significant asset appreciation. The increasing need for processing power and storage capacity drives rapid valuation growth for these facilities as market demand rises 4 High entry barriers Regulatory complexities energy availability and connectivity infrastructure constraints limit new market entrants creating a competitive advantage for strategically positioned developers 5 Energy efficiency and sustainability Regulatory pressures and ESG Environmental Social and Governance commitments have made Green Data Centers highly attractive assets for institutional investors seeking alignment with sustainability policies
In this context Green Data Centers are not only a profitable investment but also a strategic asset in the new digital economy ensuring solid returns in a sector poised for exponential growth in the coming years
Question 6: Some analysts suggest that the growth of AI might be creating a bubble in digital infrastructure investment. What is your perspective on this?
Jose Mora: Without a doubt, a bubble is forming, but that doesn’t necessarily mean it’s bad news. On the contrary, at BAIF, we see it as a strategic opportunity. History repeats itself: we saw it 20 years ago with the renewable energy bubble, before that with the dot-com bubble, and, of course, with the real estate bubble. The key difference this time is that this bubble isn’t built on empty expectations or overvalued assets with no real utility.
The 2008 collapse happened because real estate assets simply weren’t worth what they were claimed to be. In the case of data centers, the situation is fundamentally different: no one doubts that AI is here to stay. Data processing isn’t just a tangible asset—it’s the central nervous system of the future digital economy. If there’s one thing that won’t disappear, it’s the ever-growing need to process vast amounts of information.
Our vision is clear: in any bubble, the biggest gains always come in the early stages. That is precisely where we are positioning ourselves. In 10 or 20 years, data centers will be what solar plants are today: a commodity with tighter margins and less differentiation potential. The time to act is now, and we are already where we need to be.
Question 7: In terms of financing and access to capital, how do you see the evolution of the technology infrastructure sector in the coming years?
Jose Mora: That is the key question. Since January, BAIF has been presenting this investment opportunity to various institutional funds and private equity firms, and the response has been overwhelmingly positive. However, it is crucial to understand the dynamics of the sector: AI technology is concentrated in an extremely small number of global players, who, despite being the primary beneficiaries of data center expansion, actively avoid assuming development risks.
This reality creates a critical space for strategic mid-stage investors, who participate in co-financing our developments with a medium-term monetization vision. These investors provide capital during the early project stages, helping to navigate regulatory and technical hurdles until the project reaches Ready-to-Build (RTB) status. Subsequently, the assets are rotated in the market with significant appreciation, aligning interests with the entities that will ultimately operate the data centers.
From a financial perspective, a data center is increasingly comparable to a high-yield real estate asset, with secured profitability through long-term lease agreements with hyperscalers and technology firms. The capital-raising figures we have seen so far reinforce our optimistic outlook on the sector, although we are still working towards the targets set in our strategic plan. However, the trend is clear: access to financing for technology infrastructure will continue to expand, and those who position themselves in the early stages of development will capture the highest returns on investment.
Question 8: In a highly volatile economic environment, what are the key risks and opportunities for investors in this sector?
Jose Mora: The development of a data center presents a highly controlled risk profile, as it is based on well-defined administrative and regulatory processes within a clear and structured legal framework. Unlike other sectors with higher operational uncertainty, in this case, the main risks are related to permit acquisition and the feasibility of electrical and digital interconnection—factors that can be strategically managed through experience, planning, and rigorous execution.
One of the biggest challenges we face is not technical or financial but educational. There is a deeply ingrained belief among certain investors that prioritizing projects near existing data center hubs is the safest approach. This mindset overlooks a critical factor: the lack of available electrical capacity in these traditional hubs, which makes them increasingly unviable for large-scale developments.
BAIF’s strategy is fundamentally different: we do not follow hubs; we create them. Our approach focuses on identifying strategic locations with guaranteed access to power and dark fiber, where we can establish new high-capacity data centers without the constraints that affect saturated markets. Convincing investors of this disruptive model is essential to unlocking high-yield opportunities.
From a financial perspective, BAIF follows a rational and disciplined investment model, ensuring that every euro invested is optimized for maximum profitability and minimized operational risk. This prudent model, built on strict capital management and cost control, has fostered strong confidence among our investors, who recognize the technical and financial expertise of our leadership team in managing critical infrastructure developments in a rapidly expanding sector.
Question 9: BAIF has outlined an expansion strategy into Europe and Latin America. What are the next steps, and which markets do you consider most attractive for growth?
Jose Mora: Absolutely, and the reasoning behind this expansion is clear. BAIF is currently developing a 3 GW pipeline distributed across 22 Green Data Centers in Iberia (Spain and Portugal). This strategy is driven by a key factor: our legal and technical team has over 20 years of experience in developing real estate and energy assets in these markets, which has given us a competitive advantage in regulatory management, cost optimization, and the acceleration of administrative processes. As an initial stage, we are already in a winning position in Iberia.
However, the scalability of the model is undeniable. In the coming years, BAIF plans to strategically expand into France, the United Kingdom, Germany, Switzerland, and Italy, in line with the guidelines established in our strategic plan approved by the board of directors in its latest meeting. This expansion is not just a theoretical possibility but a clear roadmap based on power infrastructure availability, market demand, and digital interconnection capacity, all of which are critical factors in the feasibility of any large-scale data center.
Furthermore, BAIF’s leadership team has proven expertise in European and Latin American markets, allowing us to approach these new territories with a well-founded understanding of technical and regulatory frameworks. With the right partners, our strategy is to create operational and financial synergies that enable us to replicate this business model in high-return markets, ensuring an efficient expansion that aligns with the growing global demand for digital infrastructure.
Question 10: Finally, how do you envision the future of Green Data Centers over the next decade, and what role will BAIF play in this transformation?
Jose Mora: BAIF is positioning itself as a key player in the next generation of Green Data Centers, as we are among the pioneers in the development of large-scale sustainable digital infrastructure. The sector’s evolution will depend on several strategic factors, including the availability of electrical capacity, efficiency in thermal management, and advancements in data processing technologies, areas where BAIF is already leading with an innovation-driven and operationally optimized approach.
Over the next decade, Green Data Centers will become critical infrastructure for the global digital economy, driven by the increasing demand for data processing to support artificial intelligence, machine learning, and cloud computing. The current model of centralized hubs will evolve into a distributed architecture, with data centers strategically located based on the availability of renewable energy and dark fiber connectivity.
BAIF is not just anticipating this transformation—we are leading it. Our expansion model focuses on the creation of new interconnected data hubs, prioritizing locations with guaranteed access to electrical capacity while minimizing dependency on oversaturated infrastructure. Additionally, our strategy of integrating in-house photovoltaic power generation within each data center will ensure greater energy efficiency and reduced operational costs, solidifying a sustainable and financially attractive model.
From a market perspective, BAIF will continue to attract institutional investors and private equity seeking exposure to a sector with high barriers to entry and exponential growth potential. Through prudent capital management and disciplined project execution, we will solidify our position as leaders in the development of sustainable digital infrastructure across Europe and beyond.
Neil McGuinness
Editorial Director & Public Relations Lead at BAIF