{"id":565675,"date":"2026-07-24T09:12:12","date_gmt":"2026-07-24T09:12:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/565675\/"},"modified":"2026-07-24T09:12:12","modified_gmt":"2026-07-24T09:12:12","slug":"vantage-faces-e152m-compensation-bill-to-tenants-over-delayed-dublin-data-centre-project-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/565675\/","title":{"rendered":"Vantage faces \u20ac152m compensation bill to tenants over delayed Dublin data centre project \u2013 The Irish Times"},"content":{"rendered":"

A subsidiary of Vantage Data Centers behind a \u20ac1 billion development in south Dublin<\/a> booked a \u20ac152 million impairment charge last year relating to delays to the construction project. <\/p>\n

In 2022, the US-based company secured permission<\/a> to build two data centres<\/a> on a nine-hectare site in Clondalkin<\/a>, Dublin 22. <\/p>\n

Construction work on the Profile Park project, which will deliver 52 megawatts of IT load across a 38,000sq m (409,000sq ft) site, began in early 2023. <\/p>\n

New filings for Vantage Data Centers Dub11 Limited, the firm behind the \u20ac1 billion data centre project, show the company has revised how much it expects to recoup from the development.<\/p>\n

Last year, the company carried out an assessment of service level agreement credits that could potentially be owed to future tenants in relation to \u201cdelayed ready for service dates\u201d.<\/p>\n

It was estimated the company will be expected to contractually compensate future customers \u20ac151.7 million for late delivery of the project.<\/p>\n

Company filings show Vantage Data Centers has secured tenants for the new data centre, but their identities remain confidential.<\/p>\n

A note in the directors\u2019 report added that the upper limit for credits across \u201caffected data centres amounts to \u20ac332 million\u201d. <\/p>\n

\u201cHowever, this amount does not represent a probable or expected settlement outcome,\u201d they added.<\/p>\n

[\u00a0Data centres account for almost a quarter of Irish electricity usage in 2025Opens in new window<\/a>\u00a0]<\/p>\n

The company was contacted for comment. <\/p>\n

The impairment charge led to the company booking an after-tax loss of \u20ac160.7 million in 2025, compared to a loss of \u20ac35 million the previous year. Total accumulated losses for the project were \u20ac202.5 million at year end.<\/p>\n

The accounts for Vantage Data Centers Dub11 Limited also reflected an increase in construction activity on the project in 2025, with \u20ac286.9 million spent on new development during the year.<\/p>\n

Before the \u20ac151.7 million writedown to the value of the project, accumulated project costs were \u20ac972.2 million. <\/p>\n

Following recognition of the impairment charge, the value of its land and data centres under construction was \u20ac820.4 million.<\/p>\n

Last year, loans owed by the firm rose from \u20ac331.1 million to \u20ac334.1 million. These borrowings relate to loan facilities it received from French lender Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, Dutch bank ABN Amro, British lender Standard Chartered and Japanese bank MUFG.<\/p>\n

[\u00a0How data centres increase pressure on energy grids in a heatwave \u2013 and even increase local temperaturesOpens in new window<\/a>\u00a0]<\/p>\n

Further details in the accounts showed that Vantage\u2019s immediate parent in Luxembourg injected \u20ac220.1 million of new equity into the company during the year.<\/p>\n

Vantage Data Centers, based in Denver, Colorado, is a multibillion-dollar operation that has 41 data centre campuses spread across the US, Europe, the Middle East and Africa.<\/p>\n

Last year, it lobbied Minister for Public Expenditure Jack Chambers to create a taskforce to help progress \u201cstranded investments\u201d delayed by the State moratorium on new data centres. <\/p>\n

The company met Chambers in March 2025 to discuss the matter. In April 2025, its plans to develop another \u20ac1 billion facility in Dublin were blocked by An Coimisi\u00fan Plean\u00e1la.<\/p>\n","protected":false},"excerpt":{"rendered":"A subsidiary of Vantage Data Centers behind a \u20ac1 billion development in south Dublin booked a \u20ac152 million…\n","protected":false},"author":2,"featured_media":192483,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,53621,5691,615,61,60],"class_list":["post-565675","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-clondalkin","tag-data-centres","tag-dublin","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/565675","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=565675"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/565675\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/192483"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=565675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=565675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=565675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}