META and BlackRock will develop a data center campus in El Paso, Texas, with a total development cost of $14 billion.

Jinse Finance reported that on July 28, Meta announced a new strategic project in collaboration with BlackRock to develop the El Paso Data Center. The El Paso Data Center represents an investment of more than $10 billion from Meta. Funds managed by BlackRock will hold an 80% stake in the project, while Meta will retain the remaining 20% equity. All parties have committed to sharing approximately $14 billion in construction and development costs proportionally, including long-life power, cooling, and connectivity infrastructure within the campus. Upon the completion of financing, Meta will contribute risk land and assets under construction valued at about $2.3 billion, while BlackRock will provide a cash contribution of approximately $4.9 billion. Meta will receive a one-time allocation of around $1 billion to distribute ownership according to the 80/20 equity split. Part of BlackRock’s investment will be funded through $12.5 billion in debt financing.