Blue Owl, Chirisa Technology Parks and PowerHouse Data Centers announce first phase of $5 Billion Joint Venture Development Partnership
Blue Owl, Chirisa Technology Parks and PowerHouse Data Centers make a deal.
CHICAGO and RICHMOND, Va. and MCLEAN, Va., Aug. 29, 2024 /PRNewswire/ -- Funds managed by Blue Owl Capital Inc. ("Blue Owl"), Chirisa Technology Parks ("CTP"), and PowerHouse Data Centers ("PowerHouse") have today executed a joint venture development agreement ("JV") focused on the development of large-scale AI/HPC data centers for CoreWeave, Inc. ("CoreWeave"). The agreement is intended as the first stage of a partnership with capacity to deploy up to $5 Billion of capital for turnkey AI/HPC data center developments supporting CoreWeave and other hyperscale and enterprise data center customers.
The JV represents an innovative and flexible capital solution allowing for the rapid development and deployment of new AI/HPC capacity across the United States on a Built-to-Suit basis. The initial 120MW of capacity under the program will be delivered for CoreWeave in 2025 and 2026 at CTP's 350-acre campus near Richmond, VA. Further deployments in the pipeline include brownfield and greenfield campuses in New Jersey, Pennsylvania, Texas, Kentucky and Nevada.
About PowerHouse
PowerHouse Data Centers (PowerHouse), a division of American Real Estate Partners (AREP), offers technical real estate solutions and next-generation data center powered shells for the hyperscale market. Driven by the core philosophy that strong data center projects begin with a strong real estate partner, PowerHouse provides best-in-class investment knowledge, development and site selection expertise, and technical operations. Visit www.powerhousedata.com for more about how PowerHouse delivers best-in-class build-to-suit, powered shell, and full turnkey deployments at scale.
Media Contact
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