Meta Announces Venture With Blackrock To Develop Data Center In El Paso
El Paso Data Center Represents An Investment Of Over $10B Blackrock To Own 80% Interest, Meta 20% Interest In JV
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META BLK Meta announces new strategic venture with BlackRock to develop data center in El paso Blackrock - El paso data center to have 1 gigawatt compute capacity - Meta investing over $10B in El paso data center; 4,000 construction, 300 operational jobs - Meta to provide management services and be initial sole occupant of El paso campus - Meta to contribute $2.30B in assets; BlackRock to contribute $4.90B cash at close - Deal expected to close in coming days; capacity online in 2028 - Meta to lease entire campus with initial four-year term and four extension options - Meta to receive one-time distribution of about $1B - To fund portion of investment with $12.50B debt financing - Meta to provide residual value guarantees with $13B aggregate threshold - BlackRock funds to own 80% of venture; Meta to retain 20% - Co & Meta to fund pro rata share of about $14B development costs