In a significant move for the data center industry, Blue Owl Capital, Chirisa Technology Parks (CTP), and PowerHouse Data Centers have announced a joint venture (JV) to develop large-scale AI/HPC data centers for CoreWeave.
This partnership, which has the potential to deploy up to $5 billion in capital, marks the first phase of a major initiative aimed at supporting CoreWeave and other hyperscale and enterprise data center customers across the United States.
The JV is designed to provide a flexible and innovative capital solution, enabling the rapid development of new AI/HPC capacity. 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 are also planned for sites in New Jersey, Pennsylvania, Texas, Kentucky, and Nevada, including both brownfield and greenfield campuses.
The JV is positioned to play a crucial role in meeting the growing demands of the AI and hyperscale markets, with Newmark serving as advisor to the partnership. As the initiative progresses, it is expected to make a substantial impact on the development of cutting-edge data center infrastructure across the country.
Read the full press release here.
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