Blackstone recently announced that Blackstone Energy Transition Partners have agreed to acquire Potomac Energy Center, a 774-megawatt natural gas power plant in Loudoun County, Virginia.
This deal represents Blackstone’s most recent investment in the power infrastructure supporting data centers and AI revolution – which is one of the firm’s highest-conviction areas. And the Northern Virginia region currently represents approximately 25 percent of U.S. data center capacity, and the Potomac plant is located in close proximity to over 130 data centers – with significant further growth expected.
Blackstone is known as one of the largest data center providers in the world, with major investments in Northern Virginia and globally. The firm also recently made major investments in CoreWeave, a specialized provider of critical cloud infrastructure pioneering the AI revolution, and DDN, a global leader in AI and data intelligence solutions.
The terms of the deal were not disclosed. And Santander and Jefferies served as M&A advisors to Blackstone on this transaction.
KEY QUOTES:
“This investment underscores Blackstone’s commitment to investing in the electric infrastructure required to power AI innovation. We believe Potomac is well-positioned to help meet data center-driven power demand growth in Northern Virginia.”
– Bilal Khan, Senior Managing Director at Blackstone Energy Transition Partners
“We are particularly excited about this investment given the opportunity to supply reliable, baseload power to the region. Potomac is one of the most efficient gas power plants in the region and has the potential to integrate a hydrogen fuel blend in the future, which could provide future environmental benefits.”
– Mark Zhu, Managing Director at Blackstone Energy Transition Partners
“I am tremendously excited about this investment. Potomac has a reputation and history for providing reliable and high-quality generation capacity, which are critical to helping support the region’s growing power needs.”
– Lee Davis, CEO of Creto Energy, Blackstone Energy Transition Partners’ North America power platform
