Blackstone (NYSE: BX) acquired a significant minority stake in Rowan Digital Infrastructure, a hyperscale data center developer backed by investment manager Quinbrook, according to a company statement.

The investment will support Rowan's development pipeline and capacity expansion for hyperscale customers across existing and new sites in the United States. Rowan develops sustainable data center campuses offering build-to-suit solutions for hyperscale operators.

"This investment positions Rowan to continue delivering sustainable data center capacity for the world's leading technology companies," said Charley Daitch, Chief Executive Officer of Rowan.

Founded in November 2020, Rowan is developing multiple 300 MW to 1+ GW campuses across the US. The company focuses on power project development tailored to energy intensive customers' needs.

David Scaysbrook, Managing Partner of Quinbrook and Chairman of Rowan, said Blackstone's investment represents confidence in the company's approach to executing complex projects where power availability and accelerated timelines are critical factors.

Quinbrook has invested in over 40 GW of energy infrastructure assets representing more than $27 billion in total transaction value since its 2015 founding. The firm focuses on infrastructure needed for energy transition across North America, the UK, Ireland and Australia.

Blackstone manages $1.3 trillion in assets under management across investment strategies including real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds.

Goldman Sachs, Evercore and Kirkland & Ellis advised Quinbrook on the transaction. Simpson Thacher & Bartlett advised Blackstone.