Meta announces collaboration with BlackRock to develop the over $10 billion El Paso data center project

Odaily Odaily Planet Daily News Meta announced a new strategic project to develop the El Paso data center in collaboration with BlackRock. The El Paso data center represents an investment of over $10 billion by Meta. Funds managed by BlackRock will hold an 80% stake in the project, while Meta will retain the remaining 20% equity. The parties have committed to proportionally share the costs of the approximately $14 billion building development cost, covering long-life power, cooling, and connectivity infrastructure within the campus. At financial close, Meta will contribute risk land and assets under construction valued at approximately $2.3 billion, while BlackRock will make a cash contribution of about $4.9 billion. Meta will receive a one-time distribution of approximately $1 billion to align with the 80/20 ownership allocation. Part of BlackRock's investment will be funded by the proceeds of a $12.5 billion debt financing. (Cailianshe)