Companies to use funds to build out CTP campus in Chesterfield, VA
A joint venture led by alternative asset manager Blue Owl has secured more than $750 million to build out data centers for AI cloud firm CoreWeave.
Blue Owl Capital managed funds, Chirisa Technology Parks (CTP), and PowerHouse Data Centers (PowerHouse) this week announced the closing of a $750m transaction for their development partnership.
The joint venture was launched in August 2024 with the aim of deploying 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, Virginia, started in 2024 for an initial 120MW of new capacity, with delivery scheduled in 2025 and 2026. The new capacity, which uses CTP's proprietary 'direct-on-chip' liquid cooling design, will serve CoreWeave.
The companies previously secured a $600 million construction loan for the campus’ development from Societe Generale SA.
"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.
Owned by Chirisa Investments, Chirisa Technology Parks was established in late 2022. The first 28MW building at the company's Chesterfield campus, known as CTP-01, was recently leased to CoreWeave. The company owns sites across Virginia, Illinois, Washington, and New Jersey – it says it currently offers more than 500,000 square feet (46,450 sqm) of data center capacity, with a pipeline of more than 400MW under development.
A wholly owned division of American Real Estate Partners, PowerHouse has 30 data centers currently in planning or underway, representing more than 2.3GW of power across Virginia, Texas, Nevada, and North Carolina.
PowerHouse and Chirisa announced a partnership last year to jointly expand a number of the latter’s sites.
Doug Fleit, CEO and co-founder of PowerHouse, added: "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."
Blue Owl has approximately $192 billion in assets under management. The company recently closed a $7 billion digital infrastructure fund. It also recently acquired IPI Partners, taking over Stack Infrastructure and US regional Edge firm Radius DC.
"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 $750m tranche, we're delivering on our vision to create foundational infrastructure for the next generation of AI-native cloud companies like CoreWeave."
