KKR 與 ECP 的 500 億美元 AI 基礎設施佈局

Published:
隨手記
by Ernest Chiang

Post Title Image (圖說：KKR 總部位於紐約 30 hudson yards。圖片來源：Photo by Illya Goloborodko。)

✳️ tl;dr

  • 新聞追蹤 2024-10-30 1 → 2025-07-30 2
  • KKR 對於科技產業並不陌生，曾於 2006 年就聯合入手 80% 飛利浦半導體事業群，並改名為 NXP Semiconductors。曾經是 Ernest 經手服務的客戶，印象特別深刻。
  • 【2024-10-30】KKR 與 Energy Capital Partners 宣布 500 億美元戰略合作夥伴關係，專注加速資料中心、發電和輸電基礎設施開發，支援全球 AI 和雲端運算擴張 1
  • 合作雙方擁有超過 8GW 現有資料中心管線和 100GW 運營中及可開發的發電能力，KKR 在全球擁有超過 100 個資料中心設施 1
  • ECP 投資於清潔能源資產基礎，在美國市場擁有和營運超過 83GW 的發電能力，涵蓋發電、再生能源、儲能等五個資產類別 1
  • 合作目標是與公用事業、電力生產商和資料中心開發商合作，為超大規模業者快速且負責任地開發大型資料中心園區 1
  • 背景脈絡：BlackRock 於同月推出 300 億美元的 AI 基礎設施基金，由 Microsoft 和 Nvidia 支持，顯示資本競相湧入 AI 基礎設施 1
  • 【2025-07-30】首筆投資落地：德州 Bosque County 建造 190MW 超大規模資料中心園區，從戰略宣布到首個專案公告歷時 9 個月 2
  • 創新共址模式：資料中心與 Calpine 的 Thad Hill Energy Center 天然氣電廠相鄰，代表與超大規模業者的首個此類專屬電力協議 2
  • 透過 CyrusOne 和 ECP 的合資企業建造，預計 2026 年 Q4 啟用，總投資近 40 億美元，初始 IT 容量 144MW，佔地超過 70 萬平方英尺 2
  • Behind-the-Meter 模式：Calpine 提供 190MW 專屬電力，在 ERCOT 電網緊急情況下，電力可轉向支援系統可靠性和地方需求 2
  • AI 驅動的電力需求：Goldman Sachs 預測 2030 年全球資料中心電力需求將較 2023 年增長 165%，AI 資料中心功率密度從傳統 5-10kW/機櫃暴增至 50-200kW/機櫃 34
  • 電網瓶頸嚴重：新資料中心電網連接延遲已達 5 年，Behind-the-Meter 天然氣發電可在 18-24 個月內部署完成，成為務實選擇 5
  • 德州監管環境：SB6 新法規（2025 年 6 月簽署）要求 75MW 以上大型負載承擔電網成本、接受緊急削減，並安裝 ERCOT 控制的「緊急切斷開關」67
  • 私募股權持續加碼：2024 年資料中心投資達 1080 億美元（是 2023 年的三倍），KKR 在 2021 年以 150 億美元收購 CyrusOne，為此次合作奠定基礎 89

✳️ 知識圖譜

(更多關於知識圖譜…)

%%{init: {'theme':'default'}}%%
graph LR
    KKR[KKR]:::instance
    ECP[ECP]:::instance
    CyrusOne[CyrusOne]:::instance
    Calpine[Calpine]:::instance
    Campus[Bosque County Campus]:::instance
    ThadHill[Thad Hill Energy Center]:::instance
    ERCOT[ERCOT]:::instance
    Hyperscalers[Hyperscalers]:::instance
    
    Partnership[Strategic Partnership]:::concept
    DataCenter[Data Center Infrastructure]:::concept
    PowerGen[Power Generation]:::concept
    AIInfra[AI Infrastructure]:::concept
    Sustainability[Sustainability Initiatives]:::concept
    DedicatedPower[Dedicated Power Agreement]:::concept
    Colocation[Colocation Model]:::concept
    GridStability[Grid Stability]:::concept
    NaturalGas[Natural Gas Generation]:::concept
    
    KKR -->|forms| Partnership
    ECP -->|forms| Partnership
    Partnership -->|invests 50 billion| AIInfra
    Partnership -->|develops| DataCenter
    Partnership -->|secures| PowerGen
    
    KKR -->|joint venture with| CyrusOne
    ECP -->|joint venture with| CyrusOne
    CyrusOne -->|constructs| Campus
    
    Campus -->|implements| Colocation
    Campus -->|requires| DedicatedPower
    Campus -->|delivers| AIInfra
    Campus -->|features| Sustainability
    
    Calpine -->|operates| ThadHill
    Calpine -->|signs| DedicatedPower
    ThadHill -->|provides| NaturalGas
    ThadHill -->|co-locates with| Campus
    NaturalGas -->|powers| Campus
    
    Campus -->|serves| Hyperscalers
    Hyperscalers -->|anchor| DedicatedPower
    
    NaturalGas -->|supports| GridStability
    Campus -->|responds to| ERCOT
    ERCOT -->|manages| GridStability
    GridStability -->|enables| PowerGen
    
    Sustainability -->|includes| WaterConservation[Water Conservation]:::concept
    Sustainability -->|includes| ClimateNeutral[Climate Neutral]:::concept
    Sustainability -->|includes| Biodiversity[Biodiversity Protection]:::concept
    
    classDef concept fill:#FF8000,stroke:#CC6600,stroke-width:2px,color:#000
    classDef instance fill:#0080FF,stroke:#0066CC,stroke-width:2px,color:#fff

%%{init: {'theme':'default'}}%%
sequenceDiagram
    participant KKR
    participant ECP
    participant CyrusOne
    participant Calpine
    participant Hyperscalers
    
    Note over KKR,ECP: October 2024
    KKR->>ECP: Form 50 billion partnership
    ECP->>KKR: Combine power and data expertise
    
    Note over KKR,Hyperscalers: Q4 2024 - Q1 2025
    KKR->>CyrusOne: Establish joint venture
    ECP->>CyrusOne: Co-develop campus
    ECP->>Calpine: Negotiate power agreement
    Calpine->>ECP: Sign long-term contract
    
    Note over KKR,Hyperscalers: January 2025
    CyrusOne->>Calpine: Begin construction
    Hyperscalers->>CyrusOne: Anchor tenant commitment
    
    Note over KKR,Hyperscalers: Q4 2026
    CyrusOne->>Hyperscalers: Campus operational
    Calpine->>CyrusOne: Deliver dedicated power

%%{init: {'theme':'default'}}%%
classDiagram
    class StrategicPartnership {
        +capital: 50 billion USD
        +focus: AI Infrastructure
        +deploy()
        +integrate()
    }
    
    class KKR {
        +facilities: 100+ worldwide
        +datacenters: 8GW pipeline
        +invest()
        +acquire()
    }
    
    class ECP {
        +generation: 83GW owned
        +capacity: 100GW development
        +operate()
        +develop()
    }
    
    class JointVenture {
        +location: Bosque County
        +investment: 4 billion USD
        +construct()
        +operate()
    }
    
    class CyrusOne {
        +area: 700000 sqft
        +capacity: 144MW initial
        +develop()
        +manage()
    }
    
    class Calpine {
        +facility: Thad Hill Center
        +power: 190MW dedicated
        +generate()
        +supply()
    }
    
    class DataCenterCampus {
        +capacity: 190MW
        +operational: Q4 2026
        +type: Hyperscale
        +compute()
        +scale()
    }
    
    StrategicPartnership <|-- KKR
    StrategicPartnership <|-- ECP
    KKR --> JointVenture: funds
    ECP --> JointVenture: funds
    JointVenture <|-- CyrusOne
    JointVenture --> DataCenterCampus: develops
    Calpine --> DataCenterCampus: powers

%%{init: {'theme':'default'}}%%
gantt
    title Project Development Timeline
    dateFormat YYYY-MM-DD
    
    section Partnership Formation
    Partnership Announcement: done, partnership, 2024-10-30, 1d
    Capital Commitment: done, capital, 2024-10-30, 90d
    
    section Site Development
    Site Selection: done, site, 2024-11-01, 60d
    Joint Venture Formation: done, jv, 2025-01-01, 30d
    Project Announcement: done, announce, 2025-01-30, 1d
    
    section Construction Phase
    Site Preparation: active, prep, 2025-02-01, 90d
    Foundation Work: foundation, 2025-05-01, 120d
    Building Construction: building, 2025-09-01, 270d
    
    section Power Infrastructure
    Power Agreement Execution: done, power, 2025-01-15, 15d
    Grid Integration Planning: grid, 2025-02-01, 180d
    Power System Installation: powersys, 2025-08-01, 240d
    
    section Commissioning
    Equipment Installation: equipment, 2026-06-01, 120d
    Testing and Validation: testing, 2026-10-01, 60d
    Operational Readiness: milestone, operational, 2026-12-01, 1d

✳️ 延伸閱讀

  1. https://www.datacenterdynamics.com/en/news/kkr-signs-50bn-partnership-with-ecp-for-data-center-and-power-development/ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎

  2. https://www.businesswire.com/news/home/20250730057911/en/ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎

  3. https://www.goldmansachs.com/insights/articles/ai-to-drive-165-increase-in-data-center-power-demand-by-2030 ↩︎

  4. https://www.aflhyperscale.com/articles/physical-requirements-for-ai-data-centers/ ↩︎

  5. https://heatmap.news/energy/natural-gas-data-centers-speed ↩︎

  6. https://www.utilitydive.com/news/texas-law-gives-grid-operator-power-to-disconnect-data-centers-during-crisi/751587/ ↩︎

  7. https://www.pillsburylaw.com/en/news-and-insights/texas-sb6-transmission-fees-interconnected-standards-large-load-customers-colocated-loads.html ↩︎

  8. https://blog.se.com/datacenter/2025/01/23/unlocking-data-center-ecosystems-the-power-of-private-equity/ ↩︎

  9. https://stlpartners.com/articles/data-centres/top-data-centre-investors-2025/ ↩︎