Finextra reports that work on the site, which will house one of Europe's biggest data centers, is expected to start near Blyth, Northumberland, early next year.

Following Britishvolt's demise earlier this year, Blackstone purchased the site with plans to establish a facility producing batteries for electric cars. Last month, the proposed "hyperscale" AI data center was approved.

Along with the 4,000 jobs that will be created—1,200 of which will be associated with the building phase—Blackstone has committed £110 million to a fund that will assist skill development and enhance the region's transportation infrastructure.

"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," said Jon Gray, president and COO of Blackstone.

"New investment like 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," said UK Prime Minister Keir Starmer.