September 11, 2025
Source: Financial-World.org, “Gibraltar to build AI data center worth over 2 billion euros”
Gibraltar, strategically located near Spain and the Costa del Sol — a region densely populated by international and Russian entrepreneurs — has long been a haven for offshore capital and high-net-worth individuals.
Gibraltar is set to host a massive AI data centre valued at approximately €2.08 billion (£1.8 billion) — one of the largest investments in the British overseas territory’s history. The facility, planned for the city’s port, will operate on its own energy supply, independent of Gibraltar’s local grid. Construction will occur in five phases, with the first expected to be completed by 2027 and full operations by 2033. The project is projected to create up to 500 construction jobs and 100 permanent positions.
The data centre is managed by Pelagos Data Centres. The company’s president is Konstantin Sokolov.
Gibraltar, strategically located near Spain and the Costa del Sol — a region densely populated by international and Russian entrepreneurs — has long been a haven for offshore capital and high-net-worth individuals.
According to the announcement, the project will be financed entirely by private investment, with support from the Gibraltar government. The facility will use renewable energy sources supplemented by liquefied natural gas generators, with a goal of being fully powered by renewables by 2030. Waste heat will be repurposed for other local projects.
Konstantin Sokolov, president of Pelagos Data Centres, stated that the centre “opens a new chapter for Gibraltar and Europe’s digital opportunities” and will help position Gibraltar as a “strategic center of innovation.”
Joe Bossano, Gibraltar’s Minister of Economic Development, framed the project as a historic milestone: “Then we secured the future of Gibraltar, today we are doing it again.”
Context for the archive:Context for the archive:
This article is a straight press release from Pelagos Data Centres — no independent verification, no questions asked. Sokolov appears as president of the company, presenting a multi-billion-euro vision with ambitious timelines (2027 first phase, 2030 renewable goal, 2033 full completion). Notably absent: any mention of secured financing. As previously documented in The Guardian’s coverage (December 2025), Sokolov was still seeking financing for this same project. This September 2025 announcement precedes that — and raises the question: what changed in three months, and where is the money coming from?