- Blackstone is acquiring Hill Top Energy Centre, a 620-MW natural gas power plant in Western Pennsylvania, from Ardian for nearly $1 billion.
- The investment aligns with Blackstone’s $25 billion plan to expand Pennsylvania’s digital and energy infrastructure.
Blackstone Energy Transition Partners has signed a definitive agreement to acquire Hill Top Energy Centre, a 620-megawatt (MW) natural gas power plant in Western Pennsylvania, from global investment firm Ardian for nearly $1 billion.
Blackstone described Hill Top as one of the most efficient combined-cycle gas turbine plants in the United States, with “best-in-class operating performance.” The facility supplies the Pennsylvania-New Jersey-Maryland (PJM) electric market. It is strategically located to support growing electricity demand from data centres and other uses linked to artificial intelligence (AI).
Meanwhile, Bilal Khan and Mark Zhu, managing directors at Blackstone Energy Transition Partners, said the investment aligns with Blackstone’s conviction in energy infrastructure needed to power AI-driven growth. “Hill Top is a highly efficient modern power generation facility that is exceptionally well-positioned to help Pennsylvania and the region serve as a key centre of AI innovation,” they said.
The acquisition follows Blackstone’s July announcement of plans to invest more than $25 billion to expand Pennsylvania’s digital and energy infrastructure, alongside an additional $60 billion expected from co-investors. Blackstone-backed QTS Data Centres has secured multiple sites in Northeastern Pennsylvania for future development, with construction targeted by 2028.
In addition, Blackstone has launched a joint venture with PPL Corporation to build new natural gas generation facilities in the state to support AI-related electricity demand.
Blackstone has recently expanded its U.S. power portfolio by acquiring Potomac Energy Centre, a 774-MW natural gas plant in Virginia, and developing 1,600 MW of new-build generation capacity. Blackstone Energy Transition Partners has committed over $27 billion of equity across energy sectors globally.