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

Odaily Planet Daily news: Meta announced a partnership with BlackRock to develop a new strategic project for the El Paso data center. The El Paso data center represents an investment of over $10 billion by Meta. A fund 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 approximately $14 billion in building development costs, covering long-life power, cooling, and connectivity infrastructure within the campus. Upon financial close, Meta will contribute risk land and assets under construction valued at approximately $2.3 billion, while BlackRock will receive a cash contribution of approximately $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 proceeds from $12.5 billion in debt financing. (Cailianshe)