In Tuesday’s report, reviewed by Servimedia, the analysts said that “the government must respond to each of the 600 objections submitted” to the draft royal decree. In addition, both the National Markets and Competition Commission (CNMC) and the Council of State must issue their respective reports.
Taking these procedures into account, and even if the new regulation is processed through the expedited procedure, Sabadell analysts consider it unlikely to be approved in October, as the government intends. They point out that industry associations consider the proposed text highly restrictive, mainly because of the requirements relating to renewable energy use and the deadlines established for complying with the new regulations.
ENERGY REQUIREMENTS FOR DATA CENTERS
In its “IA360” plan, the government explains that the draft royal decree regulates the energy and environmental sustainability, resilience and digital sovereignty requirements applicable to data centers. With this regulation, it says, “sustainability will become essential when prioritizing the projects that bring the greatest value to the country.”
The government justifies these measures by stating that data centers’ energy consumption has characteristics that place particularly demanding requirements on the grid. “Meeting all that potential energy demand would require grid reinforcements paid for by citizens as a whole to guarantee grid stability,” it argues.
The text requires 80% of consumption to be covered by new renewable generation and guarantees that the electricity consumed during a given hour was produced during that same hour. The data center industry association, Spain DC, has criticized these conditions.
THE IMPACT ON MERLIN, ACS AND SOLARIA
Sabadell analysts reiterate that the impact on Merlin Properties, whose data center business accounted for 6% of rental income in 2025 and could reach 65% in 2032, is “uncertain and difficult to assess” given the potential changes that may be introduced into the draft. Nevertheless, they believe it will be “negative, but not very significant.” The analysts also note that, if the CNMC or the Council of State issues a negative opinion, it could help strengthen a potential appeal before the Supreme Court.
In ACS’s case, they highlight that its most advanced projects are located in the United States and Australia, markets where it plans to concentrate most of its investments. In Spain, the company remains involved in development projects alongside the GIP fund, although not in construction for third parties. Regarding Solaria, Sabadell reiterates that the regulation could create “new opportunities” to monetize its grid connection permits and sign long-term power purchase agreements.
