Private equity giant Blackstone has confirmed a £10 billion investment in an AI data centre in the North East of England, creating around 4000 jobs.
Construction on the site - one of the biggest data centres in Europe - will begin next year in Blyth, Northumberland.
Blackstone bought the land earlier this year following the collapse of Britishvolt which had planned to build an electric car battery factory on the site. Its plans for a "hyperscale" AI data centre were given the green light last month.
In addition to creating 4000 jobs - including 1200 for the construction of the centre - Blackstone has committed £110 million to a fund supporting further skills training and transport infrastructure in the area.
Jon Gray, president and COO, Blackstone, says: "The UK is a top investment market for Blackstone because of its powerful combination of talent and innovation along with a highly transparent legal system."
UK Prime Minister Keir Starmer adds: "New investment such as the one we’ve announced with Blackstone today is a huge vote of confidence in the UK and it proves that Britain is back as a major player on the global stage and we’re open for business."