09:17 AM EDT, 04/15/2024 (MT Newswires) -- Equinix ( EQIX ) and insurance giant Prudential Financial's ( PRU ) property investment arm, PGIM Real Estate, said Monday that they have entered into a $600 million joint venture to build and operate xScale data center SV12x in California's Silicon Valley.

SV12x will be build out in two phases and is anticipated to provide over 28 megawatts of power capacity upon completion, the companies said. The first phase of the data center is scheduled to be completed in Q2 this year.

PGIM Real Estate will hold an 80% equity stake in the joint venture, while Equinix ( EQIX ) will own the remaining 20% stake, the companies said.