JPMorgan Chase (JPM, Financials) and Starwood Property Trust (STWD, Financials) are providing a $2 billion loan for a 100-acre artificial intelligence-focused data center project in Utah, one of the largest construction loans issued in recent years, the Wall Street Journal said Tuesday.

Development of the project by CIM Group and Novva Data Centers in West Jordan is projected to provide 175 megawatts of continuous electricity. The funding emphasizes the growing need for data centers as artificial intelligence-driven technologies need for more computing capability.

This loan for building is the second one this year that exceeds $2 billion. JPMorgan Chase secured a $2.3 billion loan for an Abilene, Texas facility in January. Generally speaking, most data center loans have been less than $1 billion historically.

By means of pre-leased agreements before construction starts, developers are securing money, thereby reducing the risk connected with massive data center projects. Advanced semiconductors and higher power consumption by artificial intelligence data centers cause their size and related expenses to grow.

Starting in 2020 without any first leasing agreements, the Utah project First phase finished in 2023; whole facility projected to be operational by end of 2026.

Utah was chosen for its reduced danger of natural catastrophes, even if issues over water supply still exist. The idea uses a water recirculating system to effectively chill computers.