Genesis Technologies 2000 proposes to invest $80 million (€95.57 million) in a co-location centre for Web hosting in Cork.

The company, founded in Cork by Irish American entrepreneur Mr Gary Keefe, is understood to be considering two sites for a two-storey development with 175,000 sq ft of space on both floors and four terrabits of data storage connectivity.

This would establish the centre as one of the largest in Europe and fit the Government's objective of placing high technology investment outside Dublin. The company plans to build an electricity generating station as part of the project to overcome power constraints in Cork.

Genesis is thought to be in discussions with potential partners to arrange financing for the deal and the bandwidth requirements for such a venture.

Earlier this year, Genesis began a £15 million investment programme to establish a high-speed Internet service provider due to be activated next month.

But the company may delay this until next February to coincide with the start of its co-location project.

This project would take about 18 months to complete.