Blackstone to buy natural gas power plant in Pennsylvania for nearly $1B

[Blackstone hedge fund.]
Roman Tiraspolsky/iStock Editorial via Getty Images

Private equity funds affiliated with Blackstone (NYSE:BX [https://seekingalpha.com/symbol/BX]) Energy Transition Partner have agreed to acquire [https://seekingalpha.com/pr/20232176-blackstone-announces-agreement-to-acquire-hill-top-energy-center-in-western-pennsylvania-for] Hill Top Energy Center, a 620-megawatt natural gas power plant in Western Pennsylvania, for nearly $1B from private investment firm Ardian.

The deal comes after Blackstone (NYSE:BX [https://seekingalpha.com/symbol/BX]) said in July that it will invest more than $25B to support the build out of Pennsylvania’s digital and energy infrastructure.

Completed in 2021 and located in Greene County, Pennsylvania, Hill Top will continue to help support the power needs related to data center development and other use cases in the Pennsylvania-New Jersey-Maryland (“PJM”) electric market.

“The electricity infrastructure required to power the AI revolution requires a tremendous amount of capital," said Bilal Khan, a senior managing director, and Mark Zhu, a managing director, at Blackstone Energy Transition Partners. 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.”

Blackstone (NYSE:BX [https://seekingalpha.com/symbol/BX]) also recently made an investment in Potomac Energy Center, a 774-megawatt natural gas power plant in Loudoun County, Virginia, and has been in late stage development or construction for about 1,600 megawatts of new-build power generation capacity over the last three and a half years in the U.S.

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