Funds managed by Blue Owl Capital Inc., Chirisa Technology Parks, and PowerHouse Data Centers have formalised a joint venture development agreement aimed at establishing large-scale AI and high-performance computing (HPC) data centres for CoreWeave, Inc.

The agreement marks the commencement of a partnership with the potential to deploy up to US$5 billion in capital for turnkey AI and HPC data centre developments.

Beyond CoreWeave, other hyperscale and enterprise data centre clients are to be allowed to use the facilities for their own deployments.

Initially, 120 megawatts of capacity will be delivered to CoreWeave in 2025 and 2026, located at Chirisa Technology Parks’ 350-acre campus near Richmond, Virginia.

Additional projects are planned for locations in New Jersey, Pennsylvania, Texas, Kentucky, and Nevada.

Lee Hayes, President and CEO of Chirisa Technology Parks, said: “This breakthrough transaction with Blue Owl, CTP and PowerHouse is the first stage of a large-scale partnership focused on meeting the near-term requirements of our hyperscale customer base.

“Through innovative structuring, broad financial distribution and the transactional expertise of our partners at Blue Owl, this partnership unlocks very substantial growth capital for one of the most important players in today’s AI hyperscale landscape.”

Doug Fleit, CEO and Co-founder of PowerHouse, stated, “PowerHouse is proud to partner with Blue Owl and CTP. By bringing our proven real estate leadership and cadre of acquisition, development, and power procurement experts to the JV, this partnership will redefine the landscape of precision hyperscale infrastructure.”

Marc Zahr, Co-President and Head of Real Estate at Blue Owl, added, “This partnership between Blue Owl, CTP and PowerHouse brings together three distinguished operators in our respective areas of expertise. Blue Owl is in the process of deploying significant amounts of capital in support of large-scale data center development transactions across the US and Europe. We are happy to partner with CoreWeave, CTP and PowerHouse and look forward to supporting the partners longer term development ambitions.”

Newmark acted as advisor to the joint venture.