Poste Italiane Group Establishes €600 Million Joint Investment Fund to Develop Data Centers

en.Wedoany.com Reported - On November 12, Poste Italiane announced the BPF Alternative Co-Investment Fund, with a target size of €600 million, aimed at supporting digital infrastructure construction in Italy, including data centers. The fund was approved by the Bank of Italy on September 4. The first pilot project plans to build a data center with a total capacity of 20 megawatts, with equity funding jointly provided by the fund, Noovle (the cloud computing business unit of Telecom Italia), and third-party investors. Approximately 80% of the total project investment is intended to be financed through debt.

The fund adopts a co-investment model, implementing data center investments through the establishment of independent project companies. The project companies will be placed outside the scope of Poste Italiane Group's consolidated financial statements, with equity investment participation by the fund and partner investors, and construction funds raised through external financing. This structure separates the construction financing of data center projects from the Group's own balance sheet, reducing the scale of the Group's direct capital commitment.

According to the first pilot project plan announced by Poste Italiane Group, the equity portion accounts for approximately 20% of the total project financing, while debt financing accounts for approximately 80%. The equity funding is jointly borne by the BPF Alternative Co-Investment Fund, Noovle, and third-party investors. The Group will organize the relevant investments through specially established project companies, with project returns distributed in accordance with the corresponding investment arrangements.

The fund's capital is organized through Poste Italiane Group's insurance and investment management system. The Group disclosed that the relevant funds will be invested on behalf of policyholders and managed through separate accounts, with the goal of achieving long-term stable returns. The fund's investment returns are suitable for inclusion in the Group's insurance and asset management products, thereby connecting Poste Italiane Group's data center infrastructure investments with its own financial and insurance businesses.

The establishment of this fund is being advanced in parallel with Poste Italiane Group's integration of Telecom Italia (TIM)'s business arrangements. Poste Italiane Group completed its controlling acquisition of Telecom Italia in 2026, obtaining technological infrastructure resources such as communication networks, cloud computing, and data centers. Noovle, a subsidiary of Telecom Italia, is participating in this first data center pilot project, taking on the role of equity co-investor. The Group aims to expand its investment footprint in Italy's digital infrastructure sector by combining its postal service network, financial services, and telecommunications infrastructure.