Spain based ACS has joined hands with BlackRock’s Global Infrastructure Partners to create a joint venture that will develop an initial two billion euro data centre portfolio with a planned capacity of one point seven gigawatts. ACS said both companies will hold an equal stake in the new entity. The transaction is expected to generate a capital gain of one hundred million euros for ACS.
The new platform will include ACS’s existing data centre projects across Europe, the United States and Australia. These assets reflect the company’s recent focus on building infrastructure to support the rising demand for artificial intelligence and cloud computing. ACS also stated that it is reviewing a pipeline of potential projects of more than eleven gigawatts across North America, Europe and the Asia Pacific region, which may be added to the joint venture.
As part of the agreement, the partners will invest approximately one billion euros. They will also make an initial variable payment of up to one billion euros linked to milestones connected to the commercialisation of the projects. ACS added that a further contingent payment of up to two hundred million euros could be secured from projects that are currently under evaluation.
ACS said it has previously built more than five point five gigawatts of data centre capacity. The announcement follows a report by a common noun on Thursday that the two companies were close to finalising an agreement. The report claimed the partnership could reach a value of twenty three billion euros, which would include five billion euros in equity capital provided over time and eighteen billion euros in debt.
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