Blue Owl, Chirisa Technology Parks, and PowerHouse Data Centers announce partnership to support hyperscalers

On August 29,  Blue Owl Capital Inc., Chirisa Technology Parks (CTP), and PowerHouse Data Centers announced the first phase of a joint venture development agreement that ultimately intends to deploy up to $5 billion of capital for turnkey AI and High-Performance Computing (HPC) data center developments.

Under the program, an initial 120MW of capacity will be delivered to CTP’s Richmond, Virginia campus for the hyperscaler CoreWeave Inc. This capacity is expected to be available in 2025.

CTP president and CEO Lee Hayes called the venture the first stage of a large-scale partnership that will focus on meeting the near-term requirements of hyperscalers.

“Through innovative structuring, broad financial distribution, and the transactional expertise of our partners at Blue Owl, this partnership unlocks very substantial growth capital for one of the most important players in today’s AI hyperscale landscape,” said Hayes in a press release.

The companies report that there will be further brownfield and greenfield deployments in New Jersey, Pennsylvania, Texas, Kentucky, and Nevada.

This support of CoreWeave follows $7.5 billion of funding secured by the hyperscaler in May in a private financing deal led by Blackstone and Magnetar.

Commercial real estate advisor and service provider Newmark Group, Inc. served as advisor to the joint venture. 

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