ACS and BlackRock form €2 billion data center development joint venture
14 November 16:08
Spain’s Global Infrastructure Partners has formed a joint venture with BlackRock to develop an initial portfolio of 1.7 gigawatts of data centers worth 2 billion euros (2.33 billion US dollars), "Komersant Ukrainian" writes with reference to Reuters.
Both companies will have a 50% stake in the joint venture. The deal will provide ACS with a capital gain of 100 million, the company added.
The new development platform will include the existing portfolio of data center assets that ACS is developing in Europe, the US and Australia following a recent focus on building infrastructure to meet the growing demand for artificial intelligence and cloud computing.
ACS said it is also looking at a portfolio of potential projects with a capacity of more than 11 GW in North America, Europe and Asia Pacific to be part of the joint venture.
Under the terms of the agreement, the partners will invest approximately €1 billion, plus an initial variable payment of up to €1 billion depending on a number of milestones related to the commercialization of the projects.
An additional contingent payment of up to €200 million may also be received from projects currently under review. ACS said it has built data centers with a capacity of more than 5.5 GW.
