A US data company will develop two new centres in Melbourne's west, creating more than 200 new construction jobs.
Up to 33 ongoing staff will be employed at the Digital Reality sites in Deer Park, which are expected to be operational by 2014.
Technology Minister Gordon Rich-Phillips said about 200 construction jobs would be created, plus an additional 450 indirect positions once the centres open.
"The investment builds on Victoria's technology capability and adds to our state's reputation as a natural home for data centres and a leading regional hub for ICT (information and communications technology) businesses," he said in a statement.
Based in San Francisco, Digital Realty operates more than 100 data centres worldwide and will invest $150 million in the Deer Park sites.
The company's regional head for Asia Pacific Kris Kumar said there would be an estimated $365 million direct economic benefit to Melbourne's west.
"There is also potential for training and skills development for employees in small to medium enterprises in the data centre industry," he said in a statement.
There have been significant job losses announced for Victoria recently, including 350 jobs at Toyota's Altona site and a significant proportion of the 1000 national positions to go at ANZ bank by September, while Alcoa is reviewing the future of its Geelong aluminium smelter that employs 600 people.
There are also fears Qantas will on Thursday announce hundreds of job losses when it releases its half-yearly results.
Australian Licensed Aircraft Engineers Association federal secretary Steve Purvinas has told AAP there are rumours the airline will axe engineering positions.
Qantas has heavy maintenance sites at Brisbane, Melbourne and Avalon, near Geelong.
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