Sources: Meta and BlackRock's $14B El Paso data center project is not insured against total loss, exposing lenders to credit risks and big potential liabilities (Financial Times)
The reported insurance gap sits with the lenders, not just the project sponsors.
Financial Times says the $14 billion El Paso data center project backed by Meta and BlackRock is not covered for a total-loss event. The note says insurers are balking at the cost of full coverage for gigawatt-scale campuses. That leaves lenders exposed to credit risk and potentially large liabilities if the project suffers catastrophic damage. Techmeme's note
Financial Times says the $14 billion El Paso data center project backed by Meta and BlackRock is not covered for a total-loss event. The note says insurers are balking at the cost of full coverage for gigawatt-scale campuses. That leaves lenders exposed to credit risk and potentially large liabilities if the project suffers catastrophic damage. Techmeme's note
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