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The Ampervia Club · Thesis and method
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How the Ampervia Club works, in full

The investment thesis, how sites are found and powered in each country, the arithmetic from square metres to megawatts, the precedents, and every question we have been asked.

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One method, adapted to each site and country

Find the site. Get the power. Make it ready to build.

The steps are the same everywhere: control the land, win the grid connection, secure planning, reach ready-to-build. The route depends on the site (greenfield, industrial redevelopment, an existing building or a partnership with the owner) and on how each country allocates grid capacity.

CountryWhere sites come fromHow the power is won
SpainBrownfield plots near Madrid and greenfield campuses near substations in AragónDemand access requested for the declared data center use; capacity at congested transmission nodes is awarded by competitive tender
ItalyBrownfield and regeneration areas, favoured by Lombardy’s 2026 data center lawConnection request to Terna, quote (STMG) within 90 days; projects over 10 MW in Lombardy go through a regional conference
GermanyBusiness parks, industrial plots and former power-plant sitesSince April 2026, transmission operators allocate large connections by project maturity, including secured land, not first come first served; Berlin rations data center connections
FranceFast-track industrial sites next to 400 kV substations, and EDF land on long leasesRTE pre-certifies sites for fast connection; EDF tenders former plant sites
United KingdomBrownfield and greenfield sites with planning in prospectQueue position now depends on readiness: exclusive land rights and planning status (Gate 2) Herbert Smith Freehills Kram
Buy by the square metre. Sell by the megawatt.

The step that creates the value

Land is bought by the square metre. A buyer prices a data center site per megawatt. What turns one into the other is finding the right land and winning the power and planning case.

€85–200 / m²Industrial land near Madrid, bought by the square metre
550–770 m²Land a multi-storey data center needs per MW, from published deals
€440k / grid MWWhat Meco’s powered land sold for in 2024 (actual) ActivumSG
Up to 2.5×Premium of powered land over other industrial land; 1.3–3.3× in London Reuters
Bought as industrial landSold as a data center site
Land area and existing buildingsDeliverable capacity and a development timetable
Industrial use and the owner’s situationA permitted or permittable data center use
A historical electricity connectionDocumented power rights: capacity, conditions, cost and date
A property purchaseLand plus an executable development case a buyer can underwrite
Illustrative example (hypothetical)Amount
18,000 m² of industrial land at €150/m²€2.7m
Option, grid studies and guarantees, specialists, planning and holding costs (assumed)€2.3m
Total spent€5.0m
Sale with 25 MW of secured grid power at €440k per grid MW (Meco’s level)€11.0m
Difference before fees, taxes and financing€6.0m (≈2.2× gross)

Changing the unit creates nothing on its own: the value comes from turning uncertain power and planning into something documented that a buyer can underwrite. A factory’s historical consumption does not by itself give a reusable connection right, and grid requests can fail, which loses the option premium and study costs. The example is arithmetic on stated assumptions, not a forecast or a member return.

Third-party precedents, not Ampervia results

The value is set at the land and power stage

From our case studies.

≈€440k / grid MW

Meco, Madrid

Plot with a 25 MW power agreement sold to an operator for €11 million (2024).

Read the case →≈2.4× gross

Maintal, Frankfurt

Business park bought for ≈€17m in 2006 (single source), sold to a data center developer for €40.1m in 2023.

Read the case →€1m / RTB MW

Malpica, Toledo

Leased land; buyer offers €1m per certified ready-to-build MW, up to €300m. Non-binding.

Read the case →
Why owners and buyers work with Ampervia

How access is created

Buyer requirements first

Each site is screened against what named operators and funds have said they need: market, MW, timing and stage.

Each site’s route

Spain’s demand tenders, Germany’s maturity-based allocation, Terna’s connection quotes, RTE’s fast-track sites, the UK’s Gate 2: we adapt the route to each site and country.

Local specialists

A network of grid-connection engineers, land and planning lawyers, permitting consultants and surveyors, engaged per site.

Site control and structuring

Options, conditional purchases and one vehicle per site, so an owner gets a clear, fundable counterparty.

A route to the buyer

Introductions to the operators, developers and funds whose requirements the site meets, before or at ready-to-build.

Ampervia is founder-led. Razvan Toma runs origination. In each market we work with a network of local specialists, engaged per site: grid-connection engineers, land and planning lawyers, permitting consultants and surveyors who know that country’s procedures and grid operators. An investor could hire advisers and do this alone; the Club gives members the sourcing, coordination and buyer relationships without building that operation themselves.

What exists today

The research behind the Club

60 verified candidates across 6 European countries on the map, a monthly Spain grid dataset, a deals database and a rules tracker, all public at aggregate level.

Research pipeline

60 verified sites, stage by stage.

Pipeline status →

Spain grid capacity

Monthly province table from CNMC data.

Open dataset →

Powered-land deals

Published European site transactions.

Open dataset →

Sample member dossier

The structure and depth of a dossier.

See the sample →

Every question we have been asked

What do I receive if no site becomes investable this year?
Everything in the work programme: a live site review every week, a dossier on every site that passes screening, full site identities, rejected sites explained and country rule notes. These are commitments. Whether a site reaches option depends on owners, grid operators and buyers, which no one controls.
What evidence is there of institutional demand?
Operators, developers and infrastructure funds have given us their site requirements in writing, and published deals show buyers paying for land with power before construction (see the case studies). Members see which requirement each site answers. A stated requirement is not a commitment to buy a specific site.
What are my participation rights?
Each site vehicle is offered to members before outside investors, within its offer window. Allocation, minimums, fees and your rights (information, approvals, exit) are set in that vehicle’s documents, shared before you decide.
Why pay €25,000 before there is an investable site?
Because the access starts on day one: every site as it is assembled, the dossiers and weekly site reviews, rejected sites explained, and the network of local experts and buyers. Sites that become investable are offered to members before anyone outside the Club.
What does the €25,000 membership buy?
Twelve months of access: off-market site opportunities as we assemble them, weekly site reviews, dossiers with full site identities, specialist Q&A, country rule notes, and each site vehicle offered to you before outside investors. It does not buy an interest in any site.
Is membership an investment?
No. It is a paid research and origination service. Investing happens only through a site vehicle, offered privately to eligible members under its own documents.
Who can join?
Investors with at least €1 million in investable capital, or access to it, who are eligible to invest privately where they live. There is no cap on members.
Do I have to invest in every site?
No. Every site vehicle is optional.
Is there a minimum per site vehicle?
Each vehicle’s documents set its minimum, terms and costs. They are shared with members before they decide.
Who controls a site vehicle?
Ampervia acts as sponsor and runs the project. Members’ rights (approvals, information, valuation, exit) are set in each vehicle’s documents.
What happens if the grid application fails?
While the land is under option, the vehicle walks away, losing the option premium and study costs. Members only fund the vehicles they join.
What happens if a ready site cannot be sold?
The vehicle can hold it, raise build capital, or sell later at a lower price. Land value is not guaranteed to cover what was spent.
How do institutional exits work?
Ready-to-build sites, alone or packaged, are offered to infrastructure funds, operators and developers, who buy the site or fund the build. Members in that vehicle take their share or continue.
How does Ampervia earn money?
From memberships and, on each vehicle, a sponsor fee or profit share set in that vehicle’s documents.
How are conflicts of interest handled?
Each vehicle’s documents disclose Ampervia’s fees, any interest it holds and how related-party decisions are approved.
Can I buy a dossier site directly from the owner?
Not within 24 months of it being shared, unless through an Ampervia vehicle or with Ampervia’s written consent and an agreed introduction fee. Relationships you can document before the introduction, and publicly listed sites, are excepted. This protects the origination every member pays for.
What can I do with the research on my own?
Anything in your own business: market data, grid data, rules analysis, country notes and methods are free to use. Only the specific sites, owners and sellers in dossiers are protected.
Do members fund every site all the way to ready-to-build?
No. Members who choose to co-invest fund the first site-specific steps through a vehicle. An institutional partner can enter earlier, as soon as the site meets its requirements, through a joint venture, staged funding or a conditional purchase.
Have I missed the data center wave?
The operators and funds are already active; that is what creates demand for sites. The scarce input is land with a credible path to grid power, and that is the stage the Club works at. See the case studies for how others have done it.
Do I need to be a data center or grid expert?
No. Each dossier sets out the grid evidence, land, permit path, costs and risks in plain terms, and you can ask questions on member calls. Your job is to judge the case.
Do I need to fund a whole site?
No. Members who choose to co-invest join a site vehicle alongside others, and an institutional partner can come in before ready-to-build.
Where are the full membership terms?
In the Terms of Use, section 3a: fee, term, refunds, use of research, protected dossier sites and confidentiality.

Ready to see a real dossier?

Request a private call with Razvan.

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Important. This website is for information only. It is not an offer to sell or a solicitation to buy any security or interest in any fund or vehicle, and nothing on it is investment advice. Club membership is a paid information and research service and is not itself an investment. Any participation in a site vehicle is offered privately, only to eligible investors, under that vehicle’s own documents. Sites shown are research inventory, not secured projects. Investing in early-stage real estate and infrastructure carries a risk of loss.