Blue Owl, Chirisa Technology Parks and PowerHouse Data Centers Announce Next Phase of $5 Billion Joint Venture Development Partnership

CHESTERFIELD, Va., May 27, 2025 -- Blue Owl Capital managed funds ("Blue Owl"), Chirisa Technology Parks ("CTP"), and PowerHouse Data Centers ("PowerHouse") today announced the closing of a $750 million transaction in their landmark joint venture development partnership.  The partnership was launched in August 2024, with capacity to deploy 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, VA started in 2024 for an initial 120MW 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 GPU clusters and other advanced computing technologies required for large-scale artificial intelligence customers.  The campus integrates CTP's proprietary 'direct-on-chip' liquid cooling design, which is almost twice as energy efficient as traditional air-cooled systems. This innovative cooling solution reduces energy consumption and underpins  environmentally responsible hyperscale data center operations.  CTP and PowerHouse are committed to delivering high-performance infrastructure that aligns with sustainability goals.  

"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.

Doug Fleit, CEO and Co-founder of PowerHouse, continued, "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."

Located in Chesterfield, VA, the campus facility offers robust access to power, fiber, and a favorable regulatory environment. The project emphasizes sustainability and innovation, integrating advanced cooling systems, high-density compute design, and long-term power procurement strategies aligned with renewable energy goals.

"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 $750 million tranche, we're delivering on our vision to create foundational infrastructure for the next generation of AI-native cloud companies like CoreWeave."

The venture combines PowerHouse and CTP's deep expertise in development, construction and operations, and Blue Owl's financial strength. Together, the consortium is well- positioned to support hyperscale deployments with unmatched speed, efficiency, and scale.

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