Apollo to back $15 billion AI project in Chiba

Apollo Global Management is extending its AI infrastructure financing push into Japan with a $15 billion project in Chiba Prefecture, partnering with UK developer RHAELM Holdings, Jera and Dell Technologies. The venture is expected to deploy capital across land, power infrastructure, construction and computing, with operations slated to start around 2028 and as much as 400 megawatts of electricity supplied with help from Jera's nearby thermal power station. This follows Apollo's existing involvement in AI infrastructure financing for companies including Nvidia, Broadcom and Anthropic, and its broader expansion in Japan. Jera's chairperson and global chief executive, Yukio Kani, said Japan could be the biggest demand hub for data centers in Asia outside of China, with the electricity needed to power data center growth potentially reaching 10 gigawatts. He added that the Chiba venture is the biggest single Asian AI data center project now and could grow toward three or four gigawatts, requiring a $150 billion investment. The outcome hinges on whether the financing closes and construction proceeds as planned, and on whether demand for AI computing capacity in Japan materializes at the pace Kani expects.