Acquisitions & Partnerships
Acquisitions & Partnerships
STAND 08/2026
Black Vault evaluates strategic investments and acquisitions across the infrastructure required to power the next generation of AI.
Power is the constraint, so power is in scope
AI infrastructure is limited by electricity, not by silicon. A model can be moved and racks can be swapped. Megawatts cannot be produced by a software update. That is why the mandate covers generation and grid alongside the buildings, and why an energy platform is a strategic asset to us rather than a supplier.
AI Infrastructure
Campuses, halls and compute-ready shells.
Energy Infrastructure
Generation, grid connection, storage and flexibility.
Acquisitions & Partnerships
Platforms and projects that shorten the path to power.
What we look at
Assets where energy and digital infrastructure meet. Everything here is either a source of power, a route to it, or a load that justifies it.
Renewable & dispatchable generation
Wind, solar and firm capacity, operating or in development.
Grid-connected energy platforms
Portfolios whose value is the connection as much as the plant.
BESS & flexibility
Storage, and the market access that makes it earn.
Powered land
Sites where the connection exists before the building does.
Data centres
Operating assets and development pipelines.
Energy-integrated industrial infrastructure
Heat, process load and the industry that can absorb both.
How we participate
Structure follows the asset. We take control where operations decide the outcome, and a minority where the partner is the reason it works.
Majority acquisitions
Where operating control determines the return.
Strategic minority investments
Where the existing team is the asset.
Joint ventures
Shared development, shared risk, defined exit.
Development capital
Funding a pipeline through to ready-to-build.
Platform acquisitions
A company and its capability, not a single project.
Project-level investments
One asset, ring-fenced in its own SPV.
What has to be true
A first filter, published so an adviser can qualify us before spending a call on it.
Europe
Core geography
50 MW+
Power-intensive infrastructure focus
Control / significant influence
Preferred structures
Development → operating assets
Lifecycle coverage
Energy + digital infrastructure
Core thesis
EUR 50m – 1bn+
Transaction enterprise value considered
The last row is the size of transaction we consider. It is not a cheque size. A transaction at the upper end is financed by consortium equity, institutional capital, acquisition financing and seller rollover, in proportions set deal by deal.
How a transaction is funded
Black Vault structures investments through project-specific and platform-level capital partnerships. Sponsor capital sits at the top of the structure and institutional equity, strategic co-investment and infrastructure financing are assembled per transaction. This is the standard shape of an infrastructure deal, and it is how transactions larger than any single balance sheet get done.
- 01
Black Vault / Sponsor
Origination, development and control of the asset.
- 02
Institutional capital partners
Equity assembled per transaction, not a standing fund.
- 03
Strategic / industrial partners
Offtake, technology and operating capability.
- 04
Project finance / infrastructure debt
Secured against the asset and its contracted revenue.
- 05
SPV / platform
One company per asset. Risk stays where it is created.
Partners are named when there is a signed right to name them, and not before.
Bring us something
Black Vault welcomes proprietary and intermediated opportunities across European digital and energy infrastructure. Teasers are read by the people who decide, not by an inbox.
- NDA-ready
- Institutional diligence process
- Direct principal access
