Solaria Announces a US$5.7 Billion Investment in Uruguay: What It Means for Real Estate

On October 14, 2026, the Uruguayan government and Spain's Solaria signed a strategic agreement at Torre Ejecutiva for a 500 MW data center technology park with its own solar generation. Blk. Realty looks at the impact on Canelones, San José and Florida.

The announcement

At a signing ceremony and press conference at Torre Ejecutiva on October 14, 2026, President Yamandú Orsi and Solaria Energía y Medio Ambiente, represented by CEO Arturo Díaz-Tejeiro, announced a 500 MW data center technology park powered by its own solar generation. What was signed is a strategic agreement; the final contract is tentatively expected to be signed in May 2027.

The total investment is US$5.7 billion: US$5.5 billion in data centers and US$200 million in 350 MW of solar capacity. The project will operate under a free trade zone regime.

"Given its size, it is one of the largest in recent history, if not the largest," said President Orsi. He added: "We are announcing this investment not as a trophy, nor in contrast to historic projects in Uruguay; it is a result of a process of national accumulation."

Where and when

• Florida: solar generation.
• Canelones: Phase 1 data centers.
• San José: Phase 2 data centers.

Phase 1 includes 200 MW of data centers and 350 MW of solar, targeted for 2029. Phase 2 adds a further 300 MW of data centers.

Jobs

Phase 1 construction is expected to create 3,100 jobs: 2,400 in the data centers and 700 in the solar plants. Once in operation, the project will provide 1,500 permanent jobs in IT, data, operations and maintenance.

An investor that already knows the country

Solaria has operated in Uruguay for almost a decade, with plants in Young (Río Negro) and Mercedes (Soriano) that sell power to UTE, the state utility. It has been listed on the Spanish stock exchange since 2007, part of the IBEX 35 since 2020, and an independent power producer since 2014. The deal was negotiated in under five months.

Minister of Industry, Energy and Mining Fernanda Cardona said: "With this project everyone wins: UTE wins, Uruguay wins" and "This is a national project." She added: "This will create a value chain of work and knowledge for our entire population," and said the project will reaffirm Uruguay as a digital hub.

The project builds on an electricity mix that was 98% renewable in 2025, according to the ministry, and on existing digital infrastructure: Antel's and Google's data centers, the fiber-optic network and submarine cables.

The Blk. Realty perspective

For the real estate market, a project of this scale reaches well beyond the construction site. These are the points we believe are worth watching:

• Housing demand in Canelones, San José and Florida. Thousands of construction workers and 1,500 permanent, skilled jobs may drive demand for rentals and home purchases in the surrounding areas and along their connections to Montevideo.
• The profile of new residents. Roles in technology, data and maintenance typically call for quality housing, services and connectivity, which may energize mid- and high-end segments and residential projects nearby.
• A signal to foreign investors. When an IBEX 35 company that already operates in the country commits the largest investment in recent history, it strengthens Uruguay's image as a stable destination for international capital, including real estate.
• Uruguay as a digital hub. Renewable energy, connectivity and a predictable framework may attract other technology firms and international professionals looking for a place to live and invest.

These effects will depend on execution timelines and on each department's urban planning. Blk. Realty will keep following them closely.

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Interested in real estate opportunities in the project's area of influence? The Blk. Realty team will be glad to advise you. blk.uy

Sources:

• Presidencia (Uruguay's Presidency), President Orsi announces the largest investment in the country's history (Spanish)
• El País, Yamandú Orsi's press conference at Torre Ejecutiva, October 14, 2026 (Spanish)
• Solaria, Solaria and Uruguay sign a strategic agreement to develop a data center technology campus of up to 500 MW
• CNMV, Solaria regulatory filing, October 15, 2026 (Spanish)
• MIEM, Uruguay to receive historic US$5.7 billion investment (Spanish)
• MIEM, Uruguay maintains highly renewable power generation, 98% in 2025 (Spanish)
• Subrayado (Spanish)

Quotes translated from Spanish.

Blk. Realty · Uruguay