Blue Owl Capital managed funds, Chirisa Technology Parks (CTP) and PowerHouse Data Centers have closed on a $750 million transaction in their development joint venture. The partnership was launched in August 2024, with capacity to deploy up to $5 billion of capital for turnkey artificial intelligence (AI) and high-performance computing (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, Va., started in 2024 for an initial 120 megawatts of new critical facilities, with delivery scheduled in 2025 and 2026. The new facilities are cornerstone developments in CoreWeave’s rapidly scaling infrastructure footprint. CoreWeave is one of the fastest-growing cloud infrastructure providers for AI workloads.

The CTP campus features cutting-edge design standards, purpose-built to support dense Graphic Processing Unit (GPU) clusters and other advanced