BlackRock is leading a debt sale targeting at least $12 billion to finance a massive data center project in El Paso, Texas, backed by Meta Platforms, The Wall Street Journal reported, citing people familiar with the matter.

The report said BlackRock, through its infrastructure and private credit units, owns an 80 percent stake in the project, while Meta owns the remaining 20 percent and will use the facility. The data center is expected to have about 1 gigawatt of capacity.

According to the Journal, JPMorgan Chase and Morgan Stanley are leading the financing and have begun reaching out to potential investors. The project marks BlackRock’s latest investment in AI infrastructure as the world’s largest asset manager expands its presence in the fast-growing data center sector. The firm previously backed Meta’s Louisiana data center project and recently agreed to acquire Aligned Data Centers in a $40 billion deal, the report said.

The financing structure is similar to Meta’s Louisiana data center project, where a joint venture issued debt backed by private credit investors, the Journal reported.