BlackRock’s Global Infrastructure Partners and Spanish construction firm ACS have announced a joint venture that will invest €2 billion to build and operate a portfolio of data‑centres with a total capacity of 1.7 GW, primarily in Spain and potentially other European markets. The partnership combines BlackRock’s capital and technology platform with ACS’s construction expertise and existing data‑centre assets.
The venture is a key element of BlackRock’s post‑October 2024 acquisition of GIP, which has broadened the firm’s infrastructure mandate and sharpened its focus on digital assets. By targeting high‑density, energy‑efficient facilities, the joint venture positions BlackRock to capture the accelerating demand for cloud‑computing and AI workloads that are reshaping the data‑centre market. The project also underscores BlackRock’s commitment to sustainability, as the new sites will incorporate advanced cooling and renewable‑energy sourcing to reduce carbon footprints.
ACS contributes its current data‑centre portfolio, valued at roughly €1 billion in cash plus up to €1 billion in earn‑outs tied to commercial milestones, and an additional €200 million from other projects. The deal structure allows BlackRock to share in the upside of future expansion while giving ACS access to capital that can accelerate construction and scale. Analysts note that the broader partnership could reach a valuation of €23 billion, reflecting a €5 billion equity stake and €18 billion in debt, indicating the long‑term ambition of the collaboration.
BlackRock’s Q3 2025 earnings saw earnings per share of $8.43, a 22.7% decline from the same quarter a year earlier, while revenue grew 25% year‑over‑year to $6.5 billion. The miss reflects higher operating costs and a shift toward lower‑margin services, but the revenue growth signals robust demand for BlackRock’s investment products. ACS reported a 19.5% increase in ordinary net profit for the first nine months of 2025, driven by its digital‑infrastructure business, which now represents 16% of its order backlog. The joint venture therefore builds on a strong financial foundation for both parties.
The partnership places BlackRock and ACS in direct competition with hyperscalers such as Microsoft, Google, Amazon and Meta, all of whom are investing heavily in their own data‑centre footprints. By joining forces, the two firms can offer scalable, energy‑efficient solutions to enterprise and cloud‑service customers, while also participating in the AI Infrastructure Partnership, a consortium that addresses energy and infrastructure bottlenecks for AI innovation. The JV’s emphasis on sustainability and operational efficiency is expected to enhance long‑term profitability and attract clients prioritising green data‑centre solutions.
ACS CEO Juan Santamaría said, “This agreement is a decisive step in our strategy to lead the digital infrastructure sector globally. By joining forces with GIP, we combine ACS’s development, engineering, and construction expertise with the deep investment capacity and industry experience of one of the world’s leading infrastructure investors. Together, we are uniquely positioned to meet the surging demand for AI and cloud computing with comprehensive, sustainable solutions.” GIP Chairman and CEO Bayo Ogunlesi added, “As AI continues to reshape many sectors of the global economy, today’s announcement will allow us to continue to support innovation at scale. GIP has a longstanding and deep relationship with ACS and together we are committed to building the infrastructure required for the growth of cloud and AI investment and support transformative growth.”
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