ACS and BlackRock start their alliance in data centers with a 2 billion platform

The ACS group has reached an agreement with Global Infrastructure Partners (GIP), an infrastructure fund that belongs to BlackRock, to establish a 50/50 joint venture for the promotion, construction, development, operation and marketing of a global data center platform with a initial capacity of 1.7 gigawatts (GW).

As reported this Friday by both companies, ACS will transfer to the new joint venture a series of assets that it currently owns for the development of 1.7 GW of data centers. Specifically, upon closing of the transaction, the new data center development platform will feature ACS’s current portfolio of 1.7 GW of data center assets under development in Europe, United States and Australia.

The transaction values ​​these assets at approximately 2 billion euroscomposed of a cash payment of approximately 1 billion euros plus a variable payment of up to 1 billion euros, subject to the fulfillment of predefined commercial milestones. An additional payment of up to 200 million euros could also be obtained for additional projects in the analysis phase, according to the group.

In addition to the current portfolio of assets contributed by ACS to the platform, ACS is reviewing a portfolio of potential projects exceeding 11 GW in North America, Europe and Asia Pacific. The ACS group will contribute the funds corresponding to its 50% in the joint company for the development of the 1.7 GW of data centers.

Capital gains of 100 million for ACS

It is estimated that the transfer of the assets for the development of data centers to the joint venture will generate for the ACS group a capital gain before taxes, net of provisions and transaction expenses, of approximately 100 million euros. The company has specified that the execution of this operation is conditional on obtaining the corresponding regulatory authorizations.

Juan SantamariaCEO of the ACS group, highlighted that this agreement represents “a decisive step” in the company’s strategy “to lead the digital infrastructure sector worldwide.” “By joining forces with GIP, we combine ACS’s expertise in development, engineering and construction with the strong investment capacity and extensive sector experience of one of the world’s leading infrastructure investors. Together, we are uniquely positioned to meet the growing demand for AI and cloud computing with comprehensive and sustainable solutions,” he added.

For its part, Bayo Ogunlesipresident and CEO of GIP, stated that this alliance with ACS will allow the company to continue driving innovation on a large scale. “GIP has a strong and long-standing relationship with ACS, and together we are committed to building the infrastructure necessary for the growth of investment in cloud and AI, and supporting transformative growth,” he stressed.

ACS has highlighted that digital infrastructures, driven by innovation in AI and the cloud, represent a “key strategic area” for the group. ACS has already built more than 5.5 GW of data center capacity through its companies, including Turner Construction (and its recently acquired division, Dornan) and Leighton Asia. This alliance with GIP, adds the group chaired by Florentino Pérez, will also strengthen ACS Digital & Energy, the investment arm of ACS focused on the development of data centers and their associated energy solutions. For its part, this alliance with ACS will allow GIP to expand its presence in the data center sector, a sector that is experiencing rapid growth.

The new platform will offer a comprehensive value proposition across the lifecycle of a data center, from land acquisition and permitting to design, construction and operation, with integrated energy solutions (grid interconnection, renewable energy supply and advanced cooling systems), and a flexible design to adapt to changing customer needs.