BlackRock Inc. (BlackRock), through its subsidiaries Global Infrastructure Management LLC (GIM) and HPS Investment Partners LLC (HPS), created project finance-style holding company Sopaipilla Investor LLC (Sopaipilla or HoldCo) to invest in an 80% interest in a joint venture (JV) with Meta Platforms Inc. (Meta; AA-/Negative/--). HoldCo has issued about $12.6 billion amortizing notes maturing in November 2048 to finance its contribution toward the design and construction of a 960-megawatt (MW) data center under development in El Paso, Texas. On Oct. 30, 2026, S&P Global Ratings revised the outlook on Meta to negative from stable because of significant uncertainty around capex and free operating cash flow. Consequently, we also revised the outlook on Sopaipilla’s notes to negative from stable and affirmed
