Blackstone increases investment in its Zaragoza data center to over 11.8 billion euros: this is the economic impact euro by euro.

Blackstone will increase its investment in the data centers it is promoting within the framework of the Rhodes project , which will be developed in the town of Calatorao , Zaragoza, and will be executed through the company Calanza Inmuebles SL (owned by funds managed by Blackstone).

The company initially presented an investment of €7.5 billion to build and operate the data center campus, although the door has already been left open to a possible second phase and expansion of the project in the coming years with a potentially similar investment figure.

The total investment will be €11,805,195,141, covering Phase 1 and Phase 2 (excluding inflation, which would result in a total of €13,578,034,641), with an 11-year execution period, from the second quarter of 2026 to the year 2035. This amount includes urban development, connection works with general networks, and construction, and will be fully financed by the company. In addition, the estimated cost for maintaining the development is €996,770.02 per year .

This investment will have a direct economic impact on Calatorao, as well as impacting regional and state coffers, primarily through taxes. According to the data contained in the initially approved Plan and Project of General Interest of Aragon (PIGA), the project envisages a direct economic impact of €1,035,809.81 for the Calatorao City Council during the operating phase . A total of €739,541.53 corresponds to the first phase of the Rhodes project.

This economic impact amounts to €287,400.37 in Economic Activities Tax (IAE) , while the Real Estate Tax (IBI) amounts to €643,724.25. In addition, the company will pay a drinking water supply tax of €84,864.33 and a sewage services tax of €17,625.67 .

The PIGA also includes the transfer to the Calatorao City Council of a total area of ​​785,107.43 square meters for public facilities, distributed as follows: 503,769.88 square meters for green areas and 281,337.55 square meters for roads and urban service infrastructure. According to the report, this transfer represents an estimated increase in assets for the council of €9,148,305.27 .

Blackstone's investment in Calatorao will extend beyond the boundaries of this municipality in Zaragoza. It is estimated that the supra-municipal administration will generate €125,709,474.55 in tax revenue . Of this amount, €86,184,607.75 corresponds to Phase 1 of the Rhodes project.

Of this amount, an estimated €11,253,300.71 is collected from personal income tax , while VAT revenue is estimated at €14,768,637.84 . Finally, regarding corporate income tax, the figures projected in the economic and financial report will be around €100,687,536.00 .

In the first phase of the project alone, revenues are estimated at €4,115,052.52 from personal income tax, €7,878,739.23 from VAT, and €74,190,816 from corporate tax.

The contribution to GDP in Phase 1 of the Rhodes project is estimated to represent an annual increase of at least 1.33% of Aragon's Gross Domestic Product. In Phase 2, the GDP of the Aragonese region is projected to increase by 0.81%. In euros, the total direct effect is estimated to increase Aragon's GDP by more than €7.62 billion .

There will also be an indirect effect, with a contribution of more than €10.64 billion to the economy. The induced effect of the Rhodes Project is estimated at a contribution of at least €7.13 billion .

And, in terms of employment , in phase 1, approximately 1,200 direct jobs are estimated for the construction phase and up to 200 in the operation phase , while in phase 2 of the Rhodes project, approximately 578 direct jobs are estimated for construction and a minimum of 150 in the operation phase.

The execution and start-up of the Rhodes project will entail a series of actions on the more than 223 hectares on which the data center campus will be developed. In the first phase - with a time horizon of nine years -, the construction of eight data centers will be carried out, while in the second phase - a period of seven years -, the construction of up to five new buildings for data centers is planned , although the project is not fully defined.

Specifically, regarding the interior works for the data center's activity area, an investment of €8,795,760,371 is planned across the two phases (€5,319,782,645 in phase 1), while the total for exterior works for the data center's activity area is estimated at €182,057,867. According to the report, the total budget for material execution amounts to €8,977,818,238.

In addition, 13% of the PEM overhead costs are included, amounting to €1,167,116,371; 6% of the PEM industrial profit (PEM), amounting to €538,669,094; a total Contractual Execution Budget of €10,683,603,703; general costs of €641,016,222; and additional tenant adaptation costs of €480,575,216. The total investment for the two phases amounts to €11,805,195,141.