BlackRock raised $12.5 billion in bonds to finance Meta’s data center in El Paso, Texas. This $14 billion joint-venture project, structured with BlackRock holding 80% and Meta 20%, will deliver up to 1 gigawatt of AI compute capacity with lease structures extending up to 20 years and operations expected to begin in 2028. JPMorgan and Morgan Stanley arranged the bond issuance, making it one of the largest data center debt financings ever completed. For Meta, the structure provides access to critical infrastructure while committing only 20% of the equity.
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