Meta to build $14B El Paso data center campus with BlackRock
Meta Platforms Inc. today announced plans to build an artificial intelligence data center campus in El Paso, Texas.
The project is a collaboration with BlackRock Inc., the world’s largest asset manager. The two companies plan to invest $14 billion in the campus.
Meta and BlackRock expect to finalize their joint venture agreement in the coming days. Upon signing, the Facebook parent will contribute $2.3 billion worth of physical assets including on-site facilities that are currently under construction. BlackRock, in turn, will invest $4.9 billion. The asset management also intends to make a $1 billion payment to Meta.
BlackRock is set to receive a 80% stake in the campus while the social networking giant will own the remaining 20%. Meta will be the site’s sole user when it comes online in 2028. According to the Facebook parent, its lease has a four-year initial term that can be optionally renewed four times.
