Meta and BlackRock partner to jointly fund the development of a data center campus worth about $14 billion

Deep Tide TechFlow news: On July 28, Meta announced a new strategic project to develop the El Paso data center in cooperation with BlackRock. The El Paso data center represents Meta’s investment of more than $10 billion. A fund managed by BlackRock will hold 80% of the project’s equity, while Meta will retain the remaining 20% equity. The parties have committed to proportionally share the costs associated with approximately $14 billion in construction and development, including long-life power, cooling, and connectivity infrastructure within the park.

At the close of the financial arrangements, Meta will contribute at-risk land and assets under construction valued at approximately $2.3 billion, while BlackRock will receive cash proceeds of approximately $4.9 billion.

Meta will receive a one-time allocation of approximately $1 billion to allocate ownership according to the 80/20 ownership split. Part of BlackRock’s investment will be funded by $12.5 billion in debt financing.