Meta Agrees to Comply With Texas Data Center Standards
The city says the 80% BlackRock stake and $12.3 billion bond financing do not appear to trigger the 2023 agreement's assignment clauses.
- The El Paso city attorney's office confirmed that Meta Platforms did not breach its tax agreement by selling an 80% ownership stake in its data center project to BlackRock Inc. last week.
- Contingent on a $2.3 billion investment, the 2023 contract granted Meta an 80% property tax break for 25 years; officials determined the joint venture with BlackRock does not trigger assignment provisions requiring city approval.
- Sopaipilla Investor, a BlackRock-controlled entity, sold $12.3 billion in bonds late last month to fund construction, with Meta's future rent payments expected to cover debt repayment over 20 years.
- On Monday, Meta endorsed new Texas data center standards, committing to Governor Greg Abbott's requirements that developers pay for their own electric infrastructure, conserve water, and reduce reliance on taxpayer-funded incentives.
- While companies like Google and Amazon have also pledged compliance, Democratic gubernatorial nominee Gina Hinojosa called for a moratorium, and President Donald Trump recently criticized Texas's policy shift regarding data centers.
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39 Articles
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