Blackstone has taken a firm step forward in its energy strategy by signing a deal to acquire Hill Top Energy Center, a state-of-the-art natural gas plant located in located in western Pennsylvania. The transaction amounts to nearly US$1 billion, consolidating the firm’s presence in the heart of the U.S. energy market.
Strategic natural gas plant for data centers
Hill Top, a 620-megawatt combined cycle facility, is distinguished by its operational efficiency and strategic location within the PJM power system. This power plant, completed in 2021, has been instrumental in providing reliable power for high-demand applications such as data centers and developments related to artificial intelligence.
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The purchase was made from Ardian, an international private investment firm that previously operated Hill Top. With this move, Blackstone aligns its portfolio with the objectives of efficient generation and progressive decarbonization.
Blackstone’s bet on Pennsylvania
This deal is part of a broader plan announced by Blackstone in July, which calls for more than $25 billion in energy and digital infrastructure in Pennsylvania. The firm expects its investments to catalyze more than an additional $60 billion in private capital, boosting regional economic development.
The transaction was advised by Santander and Houlihan Lokey on the financial side and Kirkland & Ellis on the legal side. Hill Top thus joins a portfolio that includes other initiatives such as Potomac Energy Center in Virginia and projects under construction totaling more than 1,600 megawatts.
Source: Blackstone
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