Spain’s ACS and BlackRock’s Global Infrastructure Partners have formed a joint venture to develop an initial €2 billion, 1.7-gigawatt portfolio of data centers across Europe, the United States, and Australia. Each company will hold a 50% stake, with ACS reporting a €100 million capital gain from the transaction. The venture builds on ACS’s recent expansion into large-scale digital infrastructure to meet rising demand driven by AI workloads and cloud computing.
ACS said it is also evaluating a pipeline of more than 11GW of potential data center projects across North America, Europe, and Asia-Pacific, which may be added to the new platform. Under the agreement, both partners will invest about €1 billion, with an additional variable payment of up to €1 billion tied to project commercialization milestones. A further contingent payment of up to €200 million may be triggered by projects still under review.
ACS has already constructed more than 5.5GW of data center capacity globally. The partnership follows reports indicating the companies were close to a deal and could ultimately support up to €23 billion in combined equity and debt financing as projects scale.
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