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Cartis diligence evidence schedule

HSCALE Milan Data Centre Program

PRJ-0363 · Program · Milan metropolitan area, Italy

Record last updated Oct 28, 2026

Scope and capacity

HSCALE's Milan program covers MXP1 and MXP2 with more than €2 billion of combined investment. HSCALE Milan Data Centre Program is located in Milan metropolitan area, 25, IT and is a program in preconstruction status.

Headline: See constituent sites

Numbers refer to their stated physical boundaries and are not added together. Source dates, claim dates and record updates have different meanings. Missing dates and locators are not inferred.

Campus count · 2 campuses

Actual · HSCALE Milan Data Centre Program (Project)

Claim 32932 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. HSCALE closes second hyperscale data centre campus in Milan

    HSCALE · Document date: May 20, 2026 · Corroborating

    Source reference: SRC-1861 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.hscaledc.com/update/hscale-closes-second-hyperscale-data-centre-campus-in-milan-committing-over-e2-billion-to-the-region/

  2. MXP2 integrated environmental authorization

    Metropolitan City of Milan · Document date: Jan 1, 2025 · Corroborating

    Source reference: SRC-7127 · Recorded authority: Official primary

    Source URL

    https://inlinea.cittametropolitana.mi.it/files/aia/402959-AttoDirigenziale__RG_11250_2025.pdf

  3. Italy, Milan

    HSCALE · Document date: Not stated · Primary

    Source reference: SRC-1860 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.hscaledc.com/data-centres/italy-milan/

Combined milan investment · €2 billion+

Actual · HSCALE Milan Data Centre Program (Project)

Claim 32934 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. HSCALE closes second hyperscale data centre campus in Milan

    HSCALE · Document date: May 20, 2026 · Primary

    Source reference: SRC-1861 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.hscaledc.com/update/hscale-closes-second-hyperscale-data-centre-campus-in-milan-committing-over-e2-billion-to-the-region/

Preconstruction and procurement underway · True

Actual · HSCALE Milan Data Centre Program (Project)

Claim 32935 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. HSCALE closes second hyperscale data centre campus in Milan

    HSCALE · Document date: May 20, 2026 · Primary

    Source reference: SRC-1861 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.hscaledc.com/update/hscale-closes-second-hyperscale-data-centre-campus-in-milan-committing-over-e2-billion-to-the-region/

Bain ownership · 80 percent

Actual · HSCALE Milan Data Centre Program (Project)

Claim 32936 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. Bain Capital unveils HSCALE

    HSCALE · Document date: May 21, 2025 · Primary

    Source reference: SRC-1862 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.hscaledc.com/update/bain-capital-unveils-hscale-and-charts-a-course-for-rapid-expansion-of-hyperscale-data-centres-across-emea/

  2. About HSCALE

    HSCALE · Document date: Not stated · Corroborating

    Source reference: SRC-1863 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.hscaledc.com/about/

Aquila group ownership · 20 percent

Actual · HSCALE Milan Data Centre Program (Project)

Claim 32937 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. Bain Capital unveils HSCALE

    HSCALE · Document date: May 21, 2025 · Primary

    Source reference: SRC-1862 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.hscaledc.com/update/bain-capital-unveils-hscale-and-charts-a-course-for-rapid-expansion-of-hyperscale-data-centres-across-emea/

  2. About HSCALE

    HSCALE · Document date: Not stated · Corroborating

    Source reference: SRC-1863 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.hscaledc.com/about/

Company stated renewable share near · 50 percent

Actual · HSCALE Milan Data Centre Program (Project)

Claim 32938 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. HSCALE closes second hyperscale data centre campus in Milan

    HSCALE · Document date: May 20, 2026 · Primary

    Source reference: SRC-1861 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.hscaledc.com/update/hscale-closes-second-hyperscale-data-centre-campus-in-milan-committing-over-e2-billion-to-the-region/

Counterparties and capital

Aquila Clean Energy · Supplier · CMP-0903

Aquila Group · Investor · CMP-0902

Bain Capital · Investor · CMP-0901

HSCALE · Developer, Operator · CMP-0900

Combined sponsor capital program

€2,000,000,000 · May 20, 2026

Combined MXP1/MXP2 Milan capital deployment; no campus split.

Aquila Group (Minority equity sponsor) · Bain Capital (Sponsor) · HSCALE (Developer)

Sources (1)

Financing record 96; claim-specific source links appear in the exhibit sources where published.

This schedule captures public Cartis research. It is not a title, lien or legal-opinion report. Document page/section locators and claim review timestamps are included only when published; this version has no separate locator or claim-review-time feed.