Blackstone has agreed to acquire the Hill Top Energy Center, a 620-megawatt natural gas power plant in Western Pennsylvania, for nearly $1 billion. The facility, currently owned by Ardian, began operations in 2021 and will be purchased through Blackstone Energy Transition Partners’ private equity funds.
The deal reflects Blackstone’s bet on surging U.S. electricity demand, driven by the rapid expansion of data centers for artificial intelligence and cryptocurrency, as well as rising residential and commercial consumption.
Executives Bilal Khan and Mark Zhu noted that the AI boom requires massive capital investment in power infrastructure, and Hill Top is strategically positioned to meet these needs. The acquisition builds on Blackstone’s $25 billion commitment to Pennsylvania’s energy and digital infrastructure, announced in July. Earlier this year, the firm also struck an $11.5 billion deal for TXNM Energy and invested in Virginia’s 774-megawatt Potomac Energy Center.
Source: Reuters
