# Malpica, Toledo: leased land priced at €1 million per ready-to-build MW

> EdgeMode controls about **105 ha** near Mora (Toledo) through a **35-year lease at €2,000 per hectare per year** (SEC filing) for a 300 MW project. In June 2026 Spark AI Foundry signed a non-binding offer to buy the project company once it reaches ready-to-build, at **€1 million per MW of certified RTB IT capacity** (up to €300 million). The buyer would then need roughly €3 billion to build. Nothing is binding yet.

Third-party precedent · Spain · Non-binding offer; not completed · Pathway: Partner enters before ready-to-build · Last checked 2026-10-13 · https://ampervia.com/case-studies/malpica-toledo-rtb-offer/

## Timeline

| When | What happened |
|---|---|
| Lease | ≈105.26 ha leased for 35 years at €2,000/ha/yr (SEC exhibit). |
| Dec 2025 | Environmental authorisation submitted. |
| 24 Jun 2026 | Non-binding offer from Spark AI Foundry: €1m per RTB IT MW, up to €300m, payable at closing once RTB is certified. |
| Jul 2026 | Separately, Pure DC term sheet for EdgeMode’s other Spanish sites: €1.5m per site upfront, €1.5m at RTB, €325,000 per leased MW, with an option to reinvest through a JV. |
| End 2026 / Q1 2027 | Ready-to-build expected; long-stop date applies. |

## What changed between entry and exit

- Controlled a large plot with a lease instead of a purchase, keeping early cash low.
- Pursued environmental authorisation and building permit to reach RTB.
- Agreed the price formula with a buyer before RTB: the buyer is in, conditionally, before completion.

## Capital and counterparties

EdgeMode funds the path to RTB; the buyer pays at RTB and funds the build. In the Pure DC term sheet, payments are staged by milestone.

## Economics

| Item | Figure | Note |
|---|---|---|
| Land control cost | ≈€210,000 a year | 105 ha × €2,000/ha (Ampervia calculation) |
| Offer at RTB | €1m per RTB IT MW, up to €300m | Non-binding |
| Staged terms (other sites) | €1.5m upfront + €1.5m at RTB + €325k per leased MW | Non-binding term sheet |

## Risks and limitations

- Both deals are non-binding and subject to due diligence and permits.
- The price is per certified RTB MW: if permits or grid fall short, the value falls with them.
- Spending on studies, permits and grid works is not disclosed.

## Relevance to Ampervia

A buyer can commit before RTB, with payment tied to milestones. That is the model Ampervia uses: members fund the early steps, a partner pays at agreed gates.

## Sources

- [SEC filing — EdgeMode exhibit: Malpica lease (105.26 ha, 35 years, €2,000/ha/yr)](https://www.sec.gov/Archives/edgar/data/1652958/000168316826005143/edgemode_ex1001.htm)
- [EdgeMode — Non-Binding Offer from Spark AI Foundry (OTC Markets release)](https://www.otcmarkets.com/stock/EDGM/news/EdgeMode-fast-tracks-growth-with-Non-Binding-Offer-from-Spark-AI-Fo)
- [DataTech — EdgeMode agrees €300m non-binding sale of Spain project](https://datatech.disruptsmedia.com/data-centres/edgemode-agrees-eur300m-non-binding-sale-spain-data-centre-project)
- [Expansión — Edgemode, Mora (Toledo) pre-agreement (30 Jun 2026)](https://www.expansion.com/empresas/2026/06/30/6a42a089468aeb9e1b8b457c.html)
- [SEC filing — EdgeMode 8-K: Pure DC term sheet and exclusivity (1 Jul 2026)](https://www.sec.gov/Archives/edgar/data/1652958/000168316826005308/edgemode_8k.htm)
- [BeBeez — EdgeMode looks to sell data center development sites in Spain](https://bebeez.eu/2026/07/14/edgemode-looks-to-sell-multiple-data-center-development-sites-in-spain/)