Brookfield Asset Management said it will carry on a 20 billion project, while MGX is mulling for 30-50 billion investments. French President Emmanuel Macron is supervising the framework
On 10 February, Monday, at the opening of Artificial Intelligence Action Summit in Paris, Brookfield Asset Management, together with the French President, Emmanuel Macron, announced a 20 billion euros worth investment programme for AI infrastructures and data centers in France (see here the press release).
Bloomberg previously reported Macron as saying that foreign and domestic companies will invest a total of 109 billion in artificial intelligence projects in France as the country aims to become a competitive hub for AI development.
In a previous interview with France 2 TV, Macron also said that an undisclosed UAE fund carried on a 30 – 50 billion investment for a data center (see here The UAE Times). Rumours say that MGX, an Abu Dhabi AI sovereign fund (see here Bloomberg) that is also working on the US Stargate Project programme of Donald TrumpAdministration (see here a previous post by BeBeez), carried on the deal. Iliad, Orange and Thales could also invest in French AI sector.
Brookfield’s Paris-based developer Data4 will carry on investments worth up to 15 billion while having already planned the construction of an up to 500 MW sites in several French areas. The firm aims to triple the investments by 2030.
Earlier in January, Data 4 appointed Alexander Oyaert as Chief Investment Officer and head of M&A and financing. The manager previously worked as Chief of Staff for the ceo Olivier Micheli and as Vice President for Brookfield Infrastructures unit. In such a role, he has bee instrumental in raising 3.3 billion worth financing facilities for supporting the group’s growth (see here a previous post by BeBeez).
Brookfiels will also directly invest 5 billion in French AI infrastructures such as data transfer, chip storage and energy generation. The construction of such sites of 20 billion may end in 2030.
Macron said: “This investment of Brookfield and Data4 will allow France to play a crucial role in the AI sector while proving the country’s attractiveness. We have the necessary human resources, know-how, and decarbonised energy for accelerating the AI sector development. We must not slow down; the world is speeding up. This is a battle for independence”.
Sikander Rashid, head of Brookfield for Europe, pointed out: CWe believe that France has the potential to play a central role in the global advancement of AI. To achieve European leadership, it is essential to proactively invest in the infrastructure that powers AI services, especially in data and associated infrastructures. Our 20 billion investment programme is a significant step towards this ambition, laying the foundations for France to compete on the global stage. We are excited to collaborate with stakeholders across the country and aim to expand our investments in data centres on an even greater scale in the future.”
