Blackstone is acquiring Hill Top Energy Center, a 620-megawatt (MW) natural gas power plant in Western Pennsylvania for almost $1 billion from global private investment firm Ardian.
The transaction will be done under a definitive agreement entered into by Blackstone Energy Transition Partners, according to a news release.
According to Blackstone, Hill Top is “one of the newest and most efficient combined cycle gas turbine plants in the country with among the best-in-class operating performance”. The plant is located in an area of the USA that is “well suited to serve as a strategic hub to power America’s [artificial intelligence] future,” the investment management giant said.
Hill Top will continue to support power needs related to data center development and other use cases in the Pennsylvania-New Jersey-Maryland (PJM) electric market, according to the statement.
Bilal Khan and Mark Zhu, managing directors at Blackstone Energy Transition Partners, said, “The electricity infrastructure required to power the AI revolution requires a tremendous amount of capital. We are proud to make our latest investment in this sector – which is among our highest conviction investment themes – in Western Pennsylvania. Hill Top is among the best-in-class and a highly efficient modern power generation facility that is exceptionally well positioned to help Pennsylvania and the region serve as a key center of AI innovation”.
Over $25B Pledged for Energy Infrastructure
Blackstone in July said it planned to invest over $25 billion to support the buildout of Pennsylvania’s digital and energy infrastructure and help catalyze an additional $60 billion investment in the state.
Blackstone-backed independent data center operator QTS has secured multiple land sites throughout Northeastern Pennsylvania to develop and operate data center sites, according to an earlier statement. Construction is expected to begin by the end of 2028, subject to permitting and utility approvals.
Tag Greason, co-CEO of QTS, said, “Pennsylvania is well positioned for data center growth and has become a market where we’re seeing substantial demand from hyperscalers and other customers for high-quality digital infrastructure. We look forward to engaging with communities and leaders across the Commonwealth to position our leading data center platform to support the digital infrastructure needs of Pennsylvania businesses and families”.
Blackstone said it has also formed a joint venture with Allentown-based utility PPL to invest in new natural gas power generation facilities in the state “to provide electricity for America’s AI and reindustrialized future”.
Jon Gray, Blackstone’s president and chief operating officer, said, “We’re thrilled to be investing behind two of our highest conviction themes – digital infrastructure and energy – in a part of the country that is ideally situated to support and expand America’s leading position in the AI revolution. We look forward to working with our partners in government, local communities, and with the people of Pennsylvania to meaningfully invest in the growth of the commonwealth’s digital and energy infrastructure”.
Blackstone also recently made an investment in Potomac Energy Center, a 774-MW natural gas power plant in Loudoun County, Virginia, and has been in late stage development or construction for approximately 1,600 MW of new-build power generation capacity over the past several years in the USA.
Blackstone Energy Transition Partners is Blackstone’s energy-focused private equity business and has committed over $27 billion of equity globally across a broad range of sectors within the energy industry, according to the statement.
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