Data4 said it had borrowed €620m from Deutsche Bank, Société Générale and Sumitomo Mitsui Banking Corp. The company in 2020 raised €500m, thanks largely to Axa IM-Real Assets.

With the funds, it plans to grow its activities in Italy, Spain, as well as expanding into other countries in central Europe and Scandinavia. By 2024, it envisions 23 new data centres.

The plans announced in a press release don’t include Luxembourg, where the group has been present since 2012, managing two data centres with a surface area of 3,000 square metres and turnover of €6.8m in 2019.

The company is a member of Lu-Cix, the Luxembourg commercial internet exchange, which connects networks and hosts providers in the grand duchy.

“Despite the new challenges linked to the pandemic, 2020 has more than ever highlighted the crucial role played by data centers in the proper functioning of our society and our economy,” said Data4 president Olivier Micheli in a statement. “The digital market will continue to grow and fundamentally transform our society, and we intend to participate very actively in its development.”

Overall, Data4 currently operated 20 data centres, employing 230 staff.

This article was first published in French on Paperjam and has been translated and edited for Delano.