Equinix: Equinix Partners With GIC For another $525m Joint Venture

Equinix is making strategic partnerships as it announced that it had formed another joint venture with GIC. The data center company and the Singapore sovereign wealth fund aim to develop hyperscale facilities in South Korea. The companies announced the $525 million joint venture details earlier in the week. They will develop and operate two xScale facilities in Seoul. This is the fifth xScale investment from the two companies. Besides, the new development pegs their hyperscale investments at around $7.5 billion.

The two data centers under the agreement will be called SL2x and SL3x. They are also expected to provide over 45MW of capacity. The agreement sees Equinix own 20% of the JV while GIC owns the remaining 80%. CEO and President of Equinix, Charles Meyers, said the companies have continuously invested in Korea and the Asia Pacific region to meet the increasing demand for digital and cloud infrastructure. The partnership between Equinix and GIC started in October 2019. The companies aimed to develop hyperscale data centers under the xScale brand.