Blackstone Weighs Bigger Role for Oracle’s Michigan Data Center

Blackstone Inc. is considering expanding its financial commitment to Oracle Corp.’s data-center project in Michigan even as other investors have balked at the risks.

The alternative asset manager, which had already been in talks to provide equity capital, is also mulling a debt investment to help bolster the site’s financing, according to people familiar with the matter. Bank of America Corp. is leading a push to raise debt for the project, with an initial $14 billion goal.

The deal for the site in Saline Township, Michigan, has drawn heightened scrutiny since last month, when Oracle confirmed that Blue Owl ...