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BlackRock raises $12B debt to finance Meta data center in El Paso
BlackRock expects the El Paso campus to reach close to 1 gigawatt of capacity via a joint venture where it holds an 80% stake and Meta owns the rest.
BlackRock is pursuing a $12 billion debt sale to help finance a data center project for Meta in El Paso, Texas, according to Bisnow, which cited The Wall Street Journal.
The El Paso campus is expected to have close to 1 gigawatt of capacity and will be developed through a joint venture with BlackRock holding an 80% stake and Meta owning the remaining 20%. Bisnow reported that JPMorgan Chase and Morgan Stanley are expected to be lead buyers of the debt, with interest in additional investors.
The structure mirrors a separate Meta data center megacampus in Richland Parish, Louisiana, which BlackRock helped finance through $27 billion of debt and where it acquired more than $3 billion of bonds.
Separately, BlackRock said its subsidiary Global Infrastructure Partners, along with MGX, closed on the $40 billion acquisition of data center provider Aligned, and the partners will invest an additional $5 billion in the Texas-based company to expand its data center footprint. Bisnow added that Aligned operated 51 campuses, with more than 6.4 gigawatts of operational and planned capacity, and that Meta recently agreed to lease a planned campus in Shippingport, Pennsylvania.