Spanish construction giant ACS and BlackRock’s Global Infrastructure Partners have formed a new joint venture (JV).
This partnership will develop a major portfolio of data centers. The initial platform will manage a €2}$ billion, $2.33billion portfolio with a total capacity of 1.7 gigawatts (GW). The Spanish company announced this news on Friday.
Financial Structure and Scope
Both companies will hold an equal 50% stake in the joint venture. ACS expects to recognize a 100$ million capital gain from the transaction.
The new development platform will include ACS’s existing data center assets. These assets are already being developed across Europe, the U.S., and Australia. This strategic focus targets the rapidly accelerating global demand for AI and cloud computing infrastructure.
ACS is also evaluating a large pipeline of potential future projects. These projects exceed 11 GW in total capacity. They span North America, Europe, and the Asia-Pacific region. These assets are slated to become part of the new joint venture.
Investment and Milestones
Under the terms of the agreement, the two partners will commit approximately €1billion in investment.
This figure includes an initial variable payment of up to €1 billion. This variable amount depends on meeting a series of commercialization milestones linked to the successful project development.
ACS also noted that an additional contingent payment of up to €200million could be obtained from future projects currently undergoing review. The Spanish firm highlighted its track record, having previously constructed over 5.5 GW of data center capacity.
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