BlackRock plans to invest 2 billion euros to jointly establish a data center joint venture with ACS.

BlackRock has agreed to invest up to 2 billion euros to form a joint venture with Spanish engineering construction group ACS to build a data center. According to a statement released by ACS on Friday, BlackRock's global infrastructure fund will pay approximately 1 billion euros as an initial payment, with the remaining amount to be paid based on performance targets, with both parties holding a 50% stake in the new company. ACS will transfer assets reserves for a potential 1.7 gigawatt data center to the joint venture. ACS, led by billionaire Florentino Prez, is increasingly focusing on data center construction as a high-profit growth area, with its US subsidiary Turner being the largest construction company in the United States. According to ACS's annual financial report, orders for its data center projects have surged by 138% in 2024.