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

Odaily Odaily reports that Meta has 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. All parties have committed to proportionally share approximately $14 billion in construction development costs, covering long-life power, cooling, and connectivity infrastructure within the campus. At financial close, Meta will contribute approximately $2.3 billion in at-risk land and assets under construction, while BlackRock will contribute approximately $4.9 billion in cash proceeds. Meta will receive approximately $1 billion in a one-time distribution to align with the 80/20 ownership allocation. Part of BlackRock's investment will be financed through $12.5 billion in debt financing proceeds. (Cailianshe)