Private investment goat Blackstone has agreed to acquire the Hill Top Energy Center, a 620-megawatt natural gas-fired power plant in western Pennsylvania, for nearly $1bn from private investment firm Ardian, according to a report by Reuters.
The transaction, executed through Blackstone Energy Transition Partners, underscores the firm’s conviction that rising US electricity demand – driven by artificial intelligence data centres, cryptocurrency mining, and higher residential and commercial consumption – will require significant new investment in power generation.
Hill Top, which entered service in 2021, will become part of Blackstone’s growing US energy infrastructure portfolio. The firm has pledged more than $25bn to support Pennsylvania’s digital and energy networks, positioning the state as a hub for the AI economy.
The deal follows Blackstone’s $11.5bn agreement earlier this year to acquire TXNM Energy and its January investment in the 774-megawatt Potomac Energy Center in Virginia.
