Report says El Paso data-center project lacks total-loss coverage

Financial Times sources say Meta and BlackRock's $14 billion El Paso data-center project is not insured against total loss. The report says insurers have balked at the cost of full coverage, leaving lenders exposed to credit risk and potential liabilities. It frames the project as part of a wider problem for investors in gigawatt-scale campuses, which face billions of dollars in underinsured risks.