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Meta, BlackRock JV to build 1 GW El Paso data center campus
The 1-gigawatt campus is expected to cost about $14.0 billion, with BlackRock funds holding an 80% stake and Meta providing land and construction assets valued around $2.3 billion.
Meta Platforms and BlackRock have formed a joint venture to develop and operate a data center campus in El Paso, according to ConnectCRE.
The project targets a 1-gigawatt capacity, with total development costs projected at approximately $14.0 billion. Meta is set to provide construction management, administrative and property management services, and will be the initial sole occupant once the campus is completed.
Construction is underway in El Paso, with about 2,300 workers onsite. At peak construction, the project is expected to employ roughly 4,000 construction workers and about 300 staffers once fully operational.
Ownership will be split between the partners, with funds managed by BlackRock owning an 80% interest and Meta retaining 20%. Meta will contribute venture land and construction-in-progress assets valued at about $2.3 billion, while BlackRock will contribute cash of about $4.9 billion.