Meta and BlackRock Announce $14 Billion Joint Venture for AI Campus in El Paso
Meta (NASDAQ: META) has partnered with asset manager BlackRock (NYSE: BLK) to develop a 1-gigawatt data center campus in El Paso, Texas. The joint venture is expected to cost around $14 billion and will be owned by BlackRock-managed funds at 80% and Meta at 20%. Construction has already begun with operations set for 2028. Meta will lease the entire facility while providing construction management services. The project is projected to create over 4,000 jobs during its peak development phase and sustain around 300 operational roles once completed. BlackRock's investment includes $12.5 billion in debt financing arranged by JPMorgan Chase and Morgan Stanley. The data center will require significant power infrastructure, prompting El Paso Electric to propose a new natural gas facility that could expand up to 1 gigawatt over time. Meta has committed to offsetting the campus's energy use with renewable sources but did not specify how this would be achieved.
Topics: AI infrastructure construction jobs data centers private equity investment