Feb 28 - Meta Platforms (META, Financial) is in advanced discussions with Apollo Global Management to secure about AU$35 billion in financing for expanding its U.S. data center network, Bloomberg News reported on Thursday.
The proposed transaction relates to Meta's comprehensive plan to build stronger artificial intelligence capabilities because of increasing processing requirements. The executive chairman of Meta, Mark Zuckerberg, announced in January that his company would dedicate up to AU$65 billion to enhancing AI systems this year.
The Louisiana data center establishment constitutes Meta's expansion plan, which includes AU$ 10 billion in funding for the project. Entergy will support the facility's operation by matching its power usage with renewable energy resources to demonstrate Meta's dedication to sustainable practices.
Apollo Global Management functions as an essential alternative asset management company that will actively finance this project. The proposed investment package illustrates how high-tech companies hurry to secure data facilities because of rising market demand.
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