Blackstone Energy to acquire Hill Top Energy Center for nearly $1bn

AI generated summary

Blackstone Energy Transition Partners has reached a definitive agreement to acquire the Hill Top Energy Center, a 620MW natural gas power plant in Western Pennsylvania, from Ardian for nearly $1 billion. Completed in 2021, Hill Top is recognized as one of the most efficient combined cycle gas turbine plants in the U.S. This acquisition is part of Blackstone's broader strategy to invest over $25 billion in Pennsylvania's digital and energy infrastructure, aiming to support the growing power demands associated with data center development in the region.

Blackstone's investment is expected to stimulate an additional $60 billion in funding for Pennsylvania, with the electricity infrastructure being crucial for powering the AI revolution. The demand for electricity is on the rise due to factors such as industrial onshoring and the expansion of AI data centers, which are significant contributors to this growth. Earlier this year, Blackstone also agreed to acquire the 774MW Potomac Energy Center in Virginia, further emphasizing its commitment to natural gas-fired generation.