Published by Global Banking & Finance Review®
Posted on November 14, 2025
2 min readLast updated: January 21, 2026
Add as preferred source on GoogleACS and BlackRock have launched a €2 billion joint venture to develop data centres, focusing on AI and cloud computing demand across Europe, the U.S., and Australia.
MADRID (Reuters) -Spain's ACS and BlackRock's Global Infrastructure Partners have created a joint venture to develop an initial 2 billion euro ($2.33 billion), 1.7 gigawatt portfolio of data centres, the Spanish company said on Friday.
Both companies will have a 50% stake in the joint venture, ACS said. The transaction will provide ACS a 100 million capital gain, it added.
The new development platform will include the existing portfolio of data centre assets ACS is developing across Europe, the U.S. and Australia after its recent focus on building infrastructure to meet soaring demand for AI and cloud computing.
ACS said it is also reviewing a pipeline of potential projects exceeding 11 GW across North America, Europe, and Asia-Pacific that will be part of the joint venture.
Under the terms of the deal, the partners will invest approximately 1 billion euros, plus an initial variable payment of up to 1 billion euros depending on a series of milestones linked to the commercialisation of the projects.
An additional contingent payment of up to 200 million euros could also be obtained from projects currently under analysis, ACS said.
ACS said it has constructed more than 5.5 GW of data centre capacity.
The news comes after newspaper Expansion reported on Thursday that the companies were close to reaching an agreement on the matter.
Expansion said the partnership deal could be worth 23 billion euros, consisting of 5 billion euros in equity capital to be contributed progressively, and 18 billion euros in debt.
($1 = 0.8575 euros)
(Reporting by Emma Pinedo and Corina Pons; Editing by Jesús Aguado and Jan Harvey)
A joint venture is a business arrangement where two or more parties agree to pool their resources for a specific project or business activity, sharing profits, losses, and control.
Infrastructure investment refers to the allocation of capital to projects that provide essential services and facilities, such as transportation, utilities, and communication systems, which are vital for economic development.
A capital gain is the profit realized from the sale of an asset, such as stocks or real estate, when the selling price exceeds the purchase price.
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