Meta and BlackRock Announce $14 Billion Data Center Venture in El Paso
Meta Platforms (META) and BlackRock (BLK) have announced a joint venture to develop a data center campus in El Paso, Texas. The project is expected to cost around $14 billion, with funds managed by BlackRock owning 80% of the venture and Meta retaining a 20% stake. At financial close, Meta will contribute land and construction assets valued at approximately $2.3 billion while BlackRock will inject about $4.9 billion in cash. The facility is currently under development and expected to be completed by 2028 with the capacity of delivering one gigawatt of compute power. Meta will lease the entire campus for an initial four-year term, extendable up to a potential 20 years. The deal mirrors similar structures used in Louisiana projects involving BlackRock's ownership through holding companies. Meta has committed $600 billion toward data center construction by 2028 and is already investing over $10 billion into the El Paso project, supporting thousands of jobs during development and operation.
Topics: BlackRock data centers infrastructure investment Meta