Khazna Data Centers, hyperscale digital infrastructure, and Italian energy giant Eni have announced the signing of a Head of Terms (HoT) to form a Joint Venture. The agreement will support the development of a 500 MW AI Data Center Campus in Ferrera Erbognone, Lombardy.

The signing ceremony took place in Rome in the presence of Her Excellency Reem Al Hashimy, UAE Minister of State for International Cooperation. Senior UAE officials and Italy’s Minister of Enterprises and Made in Italy, Adolfo Urso, also attended the event.

Khazna CEO Hassan Alnaqbi and Eni COO Global Natural Resources Guido Brusco signed the agreement. The collaboration brings together Khazna’s advanced data center design capabilities and Eni’s expertise in sustainable energy.

The new AI Data Center Campus will be powered by “Blue Power” supplied by Eni. This low-carbon electricity is generated by a high-efficiency Combined Cycle Gas Turbine (CCGT) Power Plant equipped to capture CO2 emissions. The project introduces a first-of-its-kind synergy between decarbonized energy and data center design in Italy.

This agreement marks a key milestone in a broader program to establish up to 1 GW of total IT capacity in Italy. The program stems from a Letter of Intent signed during the state visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, to Italy in February 2025. The visit emphasized strategic cooperation between the UAE and Italy in AI, digital infrastructure, and the energy transition.

The HoT confirms Khazna’s role as the primary partner for designing and developing a phased master plan to reach the 500 MW goal. The Milan-based campus will support high-density AI and high-performance computing workloads.

Key highlights:

• The project enables sustainable, scalable AI infrastructure in Europe.

• It reflects strategic alignment between UAE and Italy on digital innovation.

Khazna CEO Hassan Alnaqbi stated the agreement represents a defining step in the company’s European expansion. He noted that Khazna and Eni are laying the groundwork for infrastructure that meets the growing demands of AI.

Eni’s Guido Brusco emphasized the project’s strategic importance for Italy and Europe. He highlighted both firms’ strengths in innovation, sustainability, and rapid delivery.

The HoT also sets the foundational roles and governance for a new Joint Venture Company between Khazna and Eni. This structure will accelerate the delivery of the project.

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