Blue Owl, Chirisa Technology Parks and PowerHouse Data Centers Announce Next Phase of $5 Billion Joint Venture Development Partnership

Rhea-AI Summary

Blue Owl Capital, Chirisa Technology Parks, and PowerHouse Data Centers have closed a $750 million transaction as part of their $5 billion joint venture development partnership. The venture, launched in August 2024, focuses on developing AI/HPC data centers, with initial construction of 120MW facilities at CTP's 350-acre campus in Chesterfield, VA, scheduled for delivery in 2025-2026.

The facilities will support CoreWeave, a rapidly growing AI cloud infrastructure provider. The campus features proprietary 'direct-on-chip' liquid cooling technology, which is twice as energy efficient as traditional air-cooling systems. The project benefits from robust power and fiber access, favorable regulations, and emphasizes sustainability through advanced cooling systems and renewable energy strategies.

Positive

• Secured $750 million in funding as part of a larger $5 billion joint venture
• Partnership with CoreWeave, one of the fastest-growing AI cloud infrastructure providers
• Proprietary cooling technology offers 2x energy efficiency compared to traditional systems
• Strategic location with robust power, fiber access, and favorable regulations
• Substantial 350-acre campus with initial 120MW capacity

Negative

• Significant capital expenditure and development risks
• Extended delivery timeline stretching into 2026
• Heavy dependence on AI sector growth and CoreWeave's success

Insights

Data Center Infrastructure Expert

Blue Owl's $750M transaction advances their $5B AI data center partnership, positioning them strategically in the high-growth AI infrastructure market.

This $750 million transaction represents a significant milestone in the strategic partnership between Blue Owl, Chirisa Technology Parks (CTP), and PowerHouse Data Centers. It's the second major funding tranche in their $5 billion joint venture focused on developing turnkey AI/HPC data center facilities.

The development at CTP's 350-acre Chesterfield campus is particularly noteworthy for three reasons. First, it's being purpose-built for CoreWeave, one of the fastest-growing AI cloud infrastructure providers. Second, the facilities incorporate CTP's proprietary 'direct-on-chip liquid cooling' technology, which delivers nearly double the energy efficiency of traditional air-cooled systems – crucial for dense GPU clusters required for AI workloads. Third, the initial 120MW of critical facilities under construction represents substantial capacity in a market facing extreme demand constraints.

The timing is strategic. AI infrastructure deployment is accelerating rapidly, with hyperscalers and AI-focused cloud providers competing for limited data center capacity. This partnership combines PowerHouse and CTP's technical expertise with Blue Owl's capital strength, creating a vertically integrated solution for rapid deployment of specialized AI computing infrastructure.

Chesterfield, Virginia offers key advantages: abundant power availability, robust fiber connectivity, and a favorable regulatory environment – all critical constraints in data center development today. The liquid cooling technology addresses both power efficiency and environmental concerns, positioning the venture to deliver high-performance computing capacity while maintaining sustainability commitments.

This transaction demonstrates Blue Owl's commitment to establishing themselves as a significant player in the infrastructure supporting AI deployment, potentially yielding strong returns as demand for specialized AI computing resources continues to outpace supply.

CHESTERFIELD, Va., May 27, 2025 /PRNewswire/ -- Blue Owl Capital managed funds ("Blue Owl"), Chirisa Technology Parks ("CTP"), and PowerHouse Data Centers ("PowerHouse") today announced the closing of a $750 million transaction in their landmark joint venture development partnership.  The partnership was launched in August 2024, with capacity to deploy up to $5 billion of capital for turnkey AI/HPC data center developments supporting CoreWeave and other hyperscale and enterprise data center customers.

Construction under the program at CTP's 350-acre campus in Chesterfield, VA started in 2024 for an initial 120MW of new critical facilities, with delivery scheduled in 2025 and 2026. The new facilities are cornerstone developments in CoreWeave's rapidly scaling infrastructure footprint. CoreWeave is one of the fastest-growing cloud infrastructure providers for AI workloads.

The CTP campus features cutting-edge design standards, purpose-built to support dense GPU clusters and other advanced computing technologies required for large-scale artificial intelligence customers.  The campus integrates CTP's proprietary 'direct-on-chip' liquid cooling design, which is almost twice as energy efficient as traditional air-cooled systems. This innovative cooling solution reduces energy consumption and underpins  environmentally responsible hyperscale data center operations.  CTP and PowerHouse are committed to delivering high-performance infrastructure that aligns with sustainability goals.   

"This next stage of the partnership between Blue Owl, CTP and PowerHouse represents another groundbreaking transaction focused on rapidly delivering large scale capacity for the AI ecosystem" said Lee Hayes, President & CEO of CTP.

Doug Fleit, CEO and Co-founder of PowerHouse, continued, "This closing underscores our partnership's continuum and commitment to building scalable, sustainable, and high-performance digital campuses that support the deployment of AI infrastructure."

Located in Chesterfield, VA, the campus facility offers robust access to power, fiber, and a favorable regulatory environment. The project emphasizes sustainability and innovation, integrating advanced cooling systems, high-density compute design, and long-term power procurement strategies aligned with renewable energy goals.

"This is another pivotal milestone in our $5 billion strategic partnership with CTP and PowerHouse," said Marc Zahr, Global Head of Real Assets at Blue Owl. "With the closing of this second $750 million tranche, we're delivering on our vision to create foundational infrastructure for the next generation of AI-native cloud companies like CoreWeave."

The venture combines PowerHouse and CTP's deep expertise in development, construction and operations, and Blue Owl's financial strength. Together, the consortium is well- positioned to support hyperscale deployments with unmatched speed, efficiency, and scale.

About Blue Owl
Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives^®. With $273 billion in assets under management as of March 31, 2025, we invest across three multi-strategy platforms: Credit, GP Strategic Capital, and Real Assets. Anchored by a strong permanent capital base, we provide businesses with private capital solutions to drive long-term growth and offer institutional investors, individual investors, and insurance companies differentiated alternative investment opportunities that aim to deliver strong performance, risk-adjusted returns, and capital preservation. Together with over 1,200 experienced professionals globally, Blue Owl brings the vision and discipline to create the exceptional. To learn more, visit www.blueowl.com

About Chirisa Technology Parks
Chirisa Technology Parks is focused on the rapid delivery of high performance, leading-edge facilities to support hyperscale, HPC and AI customers across North America and Europe. With over 25 years of experience in Digital Infrastructure, CTP and its predecessors have developed, owned, and operated over 40 data center assets focused on large scale enterprise and hyperscale deployments. CTP currently offers over 500,000 SF of purpose-built data center capacity, with a pipeline in excess of 1.6 GW under development in the USA. CTP's bespoke designs and rapid delivery process are focused on high-efficiency, leading-edge deployments. CTP has broad capability to partner and/ or operate critical facilities, offering a strong track record in build-to-suit hyperscale powered shells, HPC and AI-focused high-density deployments, turnkey data center solutions for Cloud customers, and bespoke edge deployments in major metropolitan areas. CTP is dedicated to delivering high technology campuses with a positive impact on the communities and environment in which it operates.

About PowerHouse Data Centers
PowerHouse Data Centers, fully owned and operated by American Real Estate Partners (AREP), is a pioneering developer and owner of next-generation data centers, providing sophisticated real estate solutions for hyperscalers that meet their market, data, utility, and space demands. Founded in 2021 with a primary focus on Northern Virginia, the world's largest data center market, PowerHouse has  strategically expanded into key markets across the United States. Today, PowerHouse is an established leader in world-class data center development with 86 data centers underway or in planning, representing more than 24 million square feet and 6.1 GW in six major markets. PowerHouse owns its land sites, offering flexible next-generation data center models, with unparalleled speed-to-market. As disruptors setting new industry standards, PowerHouse leverages proven leadership, technical expertise, and strategic partnerships to drive innovation. Drawing from valuable real estate and industry relationships, PowerHouse adeptly identifies and transforms land sites, delivering state-of-the-art BTS, powered shell, and full turnkey deployments at scale. PowerHouse's full suite of development services integrates asset strategy, fast-track approvals, infrastructure, on-site power procurement, and sustainable building practices into every project. Visit our newsroom for more information, and follow us on LinkedIn, YouTube, and X.

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SOURCE Chirisa Piscataway Inc.

FAQ

What is the value of Blue Owl's (OWL) latest data center transaction?

Blue Owl closed a $750 million transaction as part of their $5 billion joint venture development partnership with Chirisa Technology Parks and PowerHouse Data Centers.

Where is Blue Owl's (OWL) new data center campus located?

The data center campus is located in Chesterfield, Virginia, spanning 350 acres with planned 120MW facilities.

What is unique about the cooling technology in Blue Owl's (OWL) new data centers?

The data centers feature proprietary 'direct-on-chip' liquid cooling technology that is approximately twice as energy efficient as traditional air-cooled systems.

Who is the main customer for Blue Owl's (OWL) new data center facilities?

CoreWeave, one of the fastest-growing cloud infrastructure providers for AI workloads, is the main customer for these facilities.

When will Blue Owl's (OWL) new data center facilities be completed?

The facilities are scheduled for delivery in 2025 and 2026.