Meta Platforms, the parent company of Facebook, Instagram and WhatsApp, and BlackRock Inc. have formed a joint venture to develop and operate a data center campus in El Paso. The companies project that total development costs for the 1-gigawatt (GW) campus will be approximately $14 billion.
Meta will provide construction management, administrative and property management services for the campus and will be its initial sole occupant upon completion.
Construction is currently underway in El Paso with approximately 2,300 workers onsite. The company estimates that the project will employ 4,000 construction workers at its peak and 300 staffers once fully operational.
Funds managed by BlackRock will own an 80 percent interest in the venture, while Meta will retain the remaining 20 percent ownership. Meta will contribute the venture land and construction-in-progress assets valued at approximately $2.3 billion, and BlackRock will make a cash contribution of approximately $4.9 billion.
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