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Meta (META) announces new strategic venture with Blackrock (BLK) to develop data centre in El Paso with 1GW compute capacity

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Meta and BlackRock launched a $12.5bn debt-backed 1GW data center venture in El Paso, featuring $13bn in guarantees from Meta, targeting completion by 2028 to bolster AI infrastructure.

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Meta to receive a one-time distribution of around USD 1bln. Blackrock to fund portion of investment with USD 12.50bln debt financing. Deal expected to close in the coming days; capacity online in 2028. Meta also will provide residual value guarantees which have an aggregate threshold of approximately USD 13bln that decreases over time. Meta will contribute the venture land and construction-in-progress assets valued at approximately USD 2.3bln, and BlackRock will make a cash contribution of approximately USD 4.9bln.

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