On October 31, 2024, Bain Capital acquired an 80% majority stake in AQ Compute, the sustainable data center subsidiary of Hamburg-based Aquila Group, while Aquila retained a 20% share with board representation to maintain strategic influence. The partnership aims to significantly expand AQ Compute’s footprint in key European markets including Oslo, Barcelona, and Milan.

AQ Compute delivers green, flexible, and modular data center services, focusing on AI-ready, net-zero emission facilities powered by renewable energy. The deal comes amid robust growth in the data center market, which is projected to grow from $30.41 billion in 2024 to $117.24 billion by 2034, at a CAGR of 14.40%. Specifically, the European sustainable data center market is expected to reach $16.89 billion by 2029.

The transaction was likely influenced by new EU regulations (2024/1364) establishing sustainability ratings for data centers, requiring facilities with IT energy consumption of at least 500 kW to report performance indicators. The deal structure involves Bain Capital investing billions for development while Aquila contributes hundreds of millions.

For Bain Capital, this acquisition represents expansion into the growing data science sector and positions them as a leader in sustainable infrastructure, particularly for hyperscale and AI applications. For Aquila, the partnership enhances AQ Compute’s capabilities while maintaining alignment with their long-term sustainability vision and potential synergies with Aquila Clean Energy.