South Korea’s Woori Financial Group has invested $150 million in two US data centers.

Announced this week, the deal was made in partnership with French investment bank Natixis. The pair signed an agreement for collaboration in June last year, forming the Woori-Natixis Global Private Equity Loan Fund.

The investment will go towards two US data centers: a 176MW Arizona data center and a 110MW data center in Virginia.

Both facilities have signed a 15-year long-term lease agreement with Amazon Web Services (AWS).

Other details of the data centers have not been disclosed.

“We plan to strengthen our global private equity capabilities based on Woori PE Asset Management’s overseas investment experience and expertise, and create synergy between Woori Financial Group affiliates,” said Kang Shinguk, CEO of Woori PE Asset Management.

The private equity loan fund plans on increasing its investment size from $250 million to $1.5 billion over the next three years.

Headquartered in Seoul, South Korea, and founded in 1937, Woori Financial Group provides a range of financial services, including wealth management, investment banking solutions, and corporate banking.

Natixis has previously provided financial services to data centers. Most recently, it lent data center developer Yondr financing for an upcoming campus in Malaysia.

AWS bought a 220-acre site in Phoenix, Arizona, in October last year. Further east, Amazon is also developing four other data centers on two sites in Phoenix, in the Mesa area of the city. Each plan calls for two 227,000 sq ft (21,090 sqm) data center buildings on land owned by Amazon.

Amazon has a major presence across Virginia, with a presence in more than 50 data centers. It is also planning a number of large-scale campuses outside the traditional Virginia hotspot of Loudoun and the surrounding counties in Northern Virginia.

Both Arizona and Virginia have historically been data center hotspots, with the likes of Digital Realty, Centersquare, NTT, CyrusOne, EdgeConneX, DataBank, EdgeCore, Vantage, Microsoft, AWS, and Google all having a presence in both states.

At the end of last year, Phoenix announced plans to clamp down on data centers, citing constraints on power and land, a lack of jobs, and noise concerns.