Blackstone (NYSE: BX) announced that its private equity funds affiliated with Blackstone Energy Transition Partners have signed a definitive agreement to acquire Hill Top Energy Center, a 620-megawatt natural gas power plant in Greene County, Pennsylvania, from Ardian, for nearly $1 billion.

Completed in 2021, Hill Top is a modern, combined cycle gas turbine facility noted for its efficiency and performance. The plant is positioned to support power demands for data centers and other electricity-intensive applications in the Pennsylvania-New Jersey-Maryland (PJM) market, aligning with Blackstone's broader investment strategy in energy infrastructure to support emerging technologies such as artificial intelligence.

The acquisition follows Blackstone's July 2025 announcement of a $25 billion investment plan aimed at developing Pennsylvania's digital and energy infrastructure, intended to catalyze an additional $60 billion in regional investment.

Bilal Khan and Mark Zhu, senior executives at Blackstone Energy Transition Partners, highlighted that Hill Top represents a "best-in-class" facility strategically positioned to meet the growing electricity needs of the AI sector. Pennsylvania Senator Dave McCormick noted the transaction as evidence of Blackstone's ongoing commitment to the state's energy infrastructure.

Financial advisory support for Blackstone came from Santander and Houlihan Lokey, with legal counsel provided by Kirkland & Ellis.

Source: blackstone.com