BlackRock Inc. (BlackRock), through its subsidiaries Global Infrastructure Management LLC (GIM) and HPS Investment Partners LLC (HPS), created a project finance-style holding company, Sopaipilla Investor LLC (HoldCo or issuer) to invest in an 80% interest in a joint venture (JV) with Meta Platforms Inc. (Meta; AA-/Stable). HoldCo is issuing about $12.3 billion amortizing notes with a maturity of November 2048. S&P Global Ratings assigned its 'A+' preliminary rating to the notes. The proceeds, along with $1.3 billion in equity contribution by funds affiliated with BlackRock, will constitute the issuer?s contribution toward the design and construction of a 960-megawatt (MW) data center under development in El Paso, Texas. We consider HoldCo?s credit quality to be close to that of Meta, given
