Blue Owl, Chirisa Technology Parks, and PowerHouse Unveil New Phase of $5 Billion Joint Venture

Groundbreaking Joint Venture for AI Infrastructure

In a significant move for the technology and data center industries, Blue Owl Capital managed funds, Chirisa Technology Parks, and PowerHouse Data Centers have taken a major stride by announcing the closing of a $750 million transaction. This deal marks a new phase in their partnership, which is part of a larger $5 billion joint venture aimed at enhancing AI and high-performance computing (HPC) data center developments. The initial phase of this ambitious project commenced in August 2024 and is designed to support CoreWeave and other hyperscale customers across the AI ecosystem.

A Major Development Hub in Chesterfield

The chosen site for this venture is the Chirisa Technology Parks’ expansive 350-acre campus located in Chesterfield, Virginia. This facility is geared toward delivering an initial 120 megawatts of critical data infrastructure, with construction started in 2024 and completion scheduled for both 2025 and 2026. The Chesterfield campus represents a cornerstone development for CoreWeave, a rapidly growing cloud infrastructure provider focused on AI workloads.

The design of the campus adheres to cutting-edge standards, tailored specifically to facilitate dense GPU clusters and advanced computing technologies critical for large-scale artificial intelligence applications. This facility will employ CTP's proprietary 'direct-on-chip' liquid cooling design, which boasts nearly double the energy efficiency compared to traditional air-cooled systems, significantly cutting down on energy use and upholding the principles of sustainable hyperscale data center operations.

Commitment to Sustainability

Both Chirisa Technology Parks and PowerHouse have placed a strong emphasis on sustainability in their operations. By incorporating innovative cooling solutions and promoting long-term energy procurement strategies aligned with renewable energy goals, they commit to creating high-performance infrastructures that are environmentally responsible.

As Lee Hayes, the President and CEO of Chirisa Technology Parks, noted, “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.” Doug Fleit, the CEO and Co-founder of PowerHouse, echoed this sentiment, highlighting the continuity and commitment of their partnership towards building scalable and high-performance facilities that meet the demands of AI infrastructure deployment.

Advantages of the Chesterfield Facility

Located strategically in Chesterfield, the facility offers not only robust access to power and fiber but also benefits from a favorable regulatory environment. The project underscores a commitment to sustainability and innovation, integrating advanced cooling systems, high-density compute design, and long-term power procurement strategies that align with renewable energy goals. Marc Zahr, the Global Head of Real Assets at Blue Owl, remarked, “This is another pivotal milestone in our $5 billion strategic partnership,” indicating their ongoing vision to create foundational infrastructure supporting the next generation of AI-native cloud companies like CoreWeave.

A Partnership Built on Expertise

The joint venture combines the intensive development expertise of both PowerHouse and Chirisa Technology Parks with Blue Owl's robust financial resources. This collaboration positions them uniquely to support hyperscale deployments swiftly and efficiently, leveraging their combined strengths in development, construction, and operations.

In conclusion, the collaboration between Blue Owl, CTP, and PowerHouse marks a transformative step toward advancing AI infrastructure. With the rapid evolution in AI technologies and the increasing demand for high-performance computing, this venture is set to position itself at the forefront of the industry, promising significant advancements in digital infrastructure. The vision fosters a collaborative approach for a technologically advanced future, ensuring that the needs of AI and HPC customers are met comprehensively and sustainably.