Blackstone to Acquire Hill Top Energy Center in Pennsylvania for Nearly $1 Billion, Strengthening Energy Infrastructure for the AI Era
Blackstone (NYSE: BX) announced today that private equity funds affiliated with Blackstone Energy Transition Partners (collectively referred to as “Blackstone Energy Transition Partners”) have entered into a definitive agreement to acquire Hill Top Energy Center, a 620-megawatt natural gas power facility in Western Pennsylvania, for nearly $1 billion. The seller is Ardian, a global private investment firm that has managed the asset since its development.
The acquisition underscores Blackstone’s growing commitment to building out resilient and reliable energy infrastructure to support the country’s evolving electricity needs, particularly as demand from artificial intelligence (AI), digital technologies, and data centers accelerates at an unprecedented pace.
A Strategic Addition to Blackstone’s Energy Transition Portfolio
Hill Top Energy Center, located in Greene County, Pennsylvania, represents one of the newest and most efficient combined-cycle natural gas turbine plants in the United States. Completed in 2021, the plant has quickly established a reputation for best-in-class operating performance, delivering both reliability and efficiency within the PJM Interconnection market, which spans Pennsylvania, New Jersey, Maryland, and parts of surrounding states.
With an installed capacity of 620 megawatts, Hill Top plays a critical role in ensuring regional grid stability. Its modern design and efficiency levels position it as an essential provider of baseload electricity in a period marked by surging demand from digital infrastructure, particularly AI-driven data centers that require vast amounts of uninterrupted energy.
Part of a Broader $25 Billion Commitment
This acquisition builds on Blackstone’s July 2025 announcement, where the firm committed more than $25 billion toward the expansion of Pennsylvania’s digital and energy infrastructure. That initiative aims not only to directly finance new facilities but also to act as a catalyst for an additional $60 billion in public and private investment into the Commonwealth.
Blackstone’s approach underscores its strategy of linking energy infrastructure with the digital economy, ensuring that the rapid adoption of AI and other technologies does not outpace the availability of reliable and affordable electricity.
Supporting the AI Revolution
AI technologies, ranging from machine learning models to generative AI platforms, are creating a new era of computational intensity. These workloads demand significant and sustained electricity capacity. Data centers, which form the backbone of this revolution, can consume as much electricity as small cities, and ensuring their continuous operation requires investments in reliable, flexible, and modern power sources.
Hill Top Energy Center is strategically located in a region that is increasingly seen as a hub for data center expansion. With access to reliable natural gas supplies and connection to PJM’s competitive electricity markets, the facility is expected to provide a stable foundation for powering AI applications and other industrial users in the years ahead.
Leadership Perspectives
Commenting on the acquisition, Bilal Khan, Senior Managing Director, and Mark Zhu, Managing Director, at Blackstone Energy Transition Partners, emphasized the importance of energy in supporting AI growth:
“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.”
Their remarks highlight Blackstone’s belief that energy investments, particularly those tied to efficiency and reliability, are central to enabling the next phase of technological progress.
Adding to the sentiment, Senator Dave McCormick welcomed Blackstone’s commitment:
“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.”
Blackstone’s Expanding Role in AI Infrastructure
Blackstone has emerged as one of the largest global investors in AI-related infrastructure, extending far beyond energy into data centers, connectivity, and digital assets. The firm is recognized as the largest data center provider in the world, with a diversified portfolio that includes assets across North America, Europe, and Asia.
In addition to Hill Top, Blackstone recently announced an investment in the Potomac Energy Center, a 774-megawatt natural gas power plant in Loudoun County, Virginia, a region often referred to as the “Data Center Capital of the World.” Over the past three and a half years, Blackstone has either brought online or advanced the development of nearly 1,600 megawatts of new-build power generation capacity across the United States.
These moves illustrate the firm’s conviction that pairing modern energy facilities with digital infrastructure will be essential for sustaining both economic growth and technological innovation.
