Overview
- Funds managed by Blue Owl will own 80% of the joint venture and Meta will hold 20%, with both parties funding their pro rata share of about $27 billion in development costs.
- Blue Owl contributed roughly $7 billion in cash and Meta received an approximately $3 billion one-time distribution, while Meta also contributed land and construction-in-progress assets.
- Meta will manage construction and property operations, lease all facilities on four-year initial terms with options to extend, and has provided a 16-year residual value guarantee.
- A portion of the JV’s capital will be financed through privately placed debt sold to PIMCO and select bond investors.
- The Hyperion campus is targeted to deliver more than 2 gigawatts of compute by 2030, and utility Entergy is expanding generation and transmission after warning the site could draw about twice New Orleans’ peak-day electricity.