BlackRock raised between $12.3 billion and $12.5 billion through a bond issuance to acquire an 80% stake in Meta’s data center campus in El Paso, Texas. The total development cost is approximately $14 billion. Meta will retain 20% ownership and lease the entire facility starting in 2028, with payments projected to cover debt at a 1.12x ratio over 20 years. This deal enables Meta to access roughly 1 gigawatt of capacity without bearing the full upfront capital costs while preserving its tax incentives with the city of El Paso.
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