10:46 AM EDT, 05/28/2025 (MT Newswires) -- Blue Owl Capital (OWL) said Wednesday it closed on a second $750 million investment as part of its joint venture with Chirisa Technology Parks and PowerHouse Data Centers, a development partnership expected to deploy up to $5 billion to build turnkey data centers for artificial intelligence and high-performance computing applications.

The joint venture launched in August 2024, with construction already underway at Chirisa's 350-acre campus in Chesterfield, Virginia. The site is expected to deliver 120 megawatts of capacity for cloud infrastructure provider CoreWeave ( CRWV ) , with operations slated to begin later this year and continue into 2026, the companies said.

The facilities are designed to support dense GPU clusters and other advanced computing technologies, and will use Chirisa's "direct-on-chip" liquid cooling system, which the companies said is nearly twice as energy efficient as traditional air-cooled methods.

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