Pantheon Atlas LLC plans to develop €50 billion AI data center in Croatia

Pantheon Atlas LLC, a transatlantic-led investment group, said on Tuesday it plans to develop a €50 billion AI data center and innovation campus in Croatia.

The project, dubbed Pantheon AI, is set to be built in Topusko and is being positioned as the largest investment in Croatian history as well as one of the largest private U.S.-linked investments in Europe.

The initiative is designed as a hyperscale AI infrastructure campus built in line with NVIDIA gigawatt-scale AI factory standards, and aims to support next-generation artificial intelligence workloads and cloud computing demand across Europe.

The planned facility will have a total capacity of up to 1 GW, including approximately 800 MW of usable IT load. It will be developed on a 310-acre site with room for future expansion and is expected to integrate significant renewable energy sources, including a large-scale solar installation and battery storage systems.

Project transmission infrastructure through 4 independent 400kV lines will enable up to 5.2 GW of new renewable energy integration onto Croatia’s national grid

Developers say the project will also help address Europe's growing shortage of AI and cloud computing infrastructure capacity. The campus is intended to strengthen digital connectivity across the region while supporting broader European Union energy and data infrastructure goals.

The project is expected to include major connectivity upgrades, including new fiber routes across European corridors and subsea cable links to improve data transmission capacity. It is also positioned as part of Croatia's broader digital and energy transformation strategy.

Construction is planned to begin in early 2027, with initial operations expected in 2029. Once fully developed, the project is projected to create thousands of construction and permanent jobs while significantly expanding Croatia's role in Europe's digital infrastructure ecosystem.

Key partners

Pantheon Atlas LLC is the investment vehicle backing the project, representing U.S. institutional investors and high-net-worth individuals. Greenvolt International Power, majority-owned by KKR, has signed a letter of intent to develop a 500 MW on-site solar plant with large-scale battery storage.

Eastdil Secured is advising on the data centre's development, including project structuring, tenant sourcing, and financing. Croatia's Končar Group is supporting substation development, with Dalekovod Projekt leading transmission design and Ravel Ltd. handling substation design.

Zagreb-based Parsec Lab is overseeing data centre design and engineering. Legal advisory is being provided by Latham & Watkins and Hodgson Russ, while PwC and KPMG are acting as financial advisors. Sisak-Moslavina County has signed a cooperation agreement supporting the project.

Why it matters:

The Pantheon AI project signals a potential step-change in Southeast Europe's positioning within the global digital infrastructure landscape. At a proposed €50 billion scale, it would represent one of the largest private investments in Europe and place Croatia on the map for hyperscale AI and cloud capacity — a segment currently dominated by Western Europe.

For investors, the project highlights the growing convergence of energy and digital infrastructure, where access to large-scale renewable power and grid capacity is becoming a key determinant of data centre location. The integration of up to 1 GW capacity alongside significant renewable generation underscores how capital is increasingly targeting regions that can support both compute demand and energy transition goals.

If executed, the development could catalyse broader investment across connectivity, power infrastructure, and regional supply chains, reinforcing Southeast Europe's role in Europe's digital and energy corridors.