(Bloomberg) -- Equinix Inc. formed a joint venture with Canada Pension Plan Investment Board and Singapore’s GIC Pte to develop new data centers.

Redwood City, California-based Equinix intends to raise more than $15 billion in capital with its partners, according to a statement Tuesday, confirming an earlier story by Bloomberg News. The company said it expects the joint venture to purchase land to build new facilities that may eventually add more than 1.5 gigawatts of new capacity for hyperscale customers.

Equinix is the largest real estate investment trust focused on data centers, with a market capitalization of about $84 billion. The company has previously teamed up with large investors including GIC and PGIM to develop or acquire data centers.

For the new partnership, CPP and GIC will each own 37.5% of the joint venture, and Equinix will own the remaining 25%.

Demand for data centers has proliferated amid the boom in artificial intelligence, with executives across the globe citing an increased need for the facilities as well as energy to power them. 

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