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(Bloomberg) — Brookfield Asset Management plans to invest €20 billion ($20.7 billion) to develop data centers and AI infrastructure in France over the next five years, as the competition to dominate artificial intelligence intensifies among global powers.
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The New York-based investment firm has allocated €15 billion to data center investments, which will be led by its portfolio company Data4, according to a statement. Brookfield plans to invest the remaining amount on AI infrastructure projects, such as data transfer, chip storage and energy generation across France.
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“France is a great location for the build-out of artificial intelligence infrastructure because of the country’s supportive policy framework and skilled labor,” along with power availability, Sikander Rashid, Brookfield’s head of Europe, said in an interview.
Europe has lagged behind the US and China in the AI race and is now playing catchup. While a few French startups, such as Mistral AI SAS, have raised sizable amounts relative to European peers, they have struggled to compete with rivals.
French President Emmanuel Macron has made his nation’s ambitions in the field a priority and he’s hosting an AI summit on Monday and Tuesday.
“The €20 billion investment by Brookfield notably through Data4 will allow France to remain in the race alongside major AI players,” Macron said in the statement. “We must not slow down, the world is accelerating. This is a battle for independence.”
Last week, the United Arab Emirates said it plans to spend between €30 billion and €50 billion on a new campus for data centers in France, Bloomberg reported.
Brookfield, which opened an office in Paris in December, has about $30 billion of assets in the country and plans to double it in the next five years, Rashid said. The firm has more than €150 billion invested across digital infrastructure, renewable power and semiconductor manufacturing worldwide.
La Tribune reported news on the investment earlier.
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