Blackstone has announced that private equity funds affiliated with Blackstone Energy Transition Partners have reached a definitive agreement to acquire Hill Top Energy Center, a 620-megawatt natural gas power plant in Western Pennsylvania, from Ardian for nearly $1 billion. The acquisition underscores Blackstone’s strategy to expand energy infrastructure critical to powering the AI economy.
This deal follows Blackstone’s July 2025 commitment to invest more than $25 billion in Pennsylvania’s digital and energy infrastructure, to catalyze an additional $60 billion in investment into the state.
Completed in 2021 and located in Greene County, Hill Top is one of the most modern and efficient combined cycle gas turbine plants in the United States, boasting best-in-class operating performance. Its strategic location within the Pennsylvania-New Jersey-Maryland (PJM) electric market positions it as a key asset for meeting the growing power demands of data centers and other high-energy-use industries tied to AI development.
Blackstone is already the world’s largest data center provider and has made significant investments in energy assets to support AI infrastructure. In addition to Hill Top, the firm recently invested in Potomac Energy Center, a 774-megawatt natural gas plant in Loudoun County, Virginia, and has been developing or constructing approximately 1,600 megawatts of new power generation capacity in the U.S. over the past three and a half years.
With the Hill Top acquisition, Blackstone further strengthens its position at the intersection of energy and technology, ensuring a reliable power supply for the rapidly expanding AI-driven economy.
Advisors: Santander and Houlihan Lokey served as financial advisors, and Kirkland & Ellis served as a legal advisor to Blackstone Energy Transition Partners on this transaction.
KEY QUOTES:
“The electricity infrastructure required to power the AI revolution requires a tremendous amount of capital. We are proud to make our latest investment in this sector – which is among our highest conviction investment themes – in Western Pennsylvania. 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.”
Bilal Khan, a Senior Managing Director, and Mark Zhu, a Managing Director, at Blackstone Energy Transition Partners
“In addition to the historic $25 billion investment they announced at our Energy and Innovation Summit in Pittsburgh this summer, I am thrilled to see Blackstone deepening its commitment to Pennsylvania’s energy infrastructure.”
Senator Dave McCormick
