Blackstone to Buy $1 Billion Hill Top Gas Plant in Pennsylvania

Blackstone will acquire the 620-MW Hill Top Energy Center in Pennsylvania for nearly $1 billion, expanding its U.S. natural gas portfolio.

(P&GJ) — Blackstone said its energy transition funds have agreed to acquire the Hill Top Energy Center, a 620-megawatt natural gas power plant in Greene County, Pennsylvania, for nearly $1 billion. The plant is being purchased from Ardian, a global private investment firm.

Completed in 2021, Hill Top is one of the newest and most efficient combined-cycle gas turbine plants in the U.S. The facility operates in the PJM power market and is positioned to meet growing electricity demand from data centers and other energy-intensive industries.

“The electricity infrastructure required to power the AI revolution requires a tremendous amount of capital,” said Bilal Khan, Senior Managing Director at Blackstone Energy Transition Partners. “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.”

The acquisition builds on Blackstone’s broader investment push in Pennsylvania. In July, the firm announced plans to invest more than $25 billion in the state’s digital and energy infrastructure to support AI-driven growth, with the potential to attract an additional $60 billion in outside investment.

Pennsylvania Senator Dave McCormick welcomed the deal, calling it further proof of Blackstone’s commitment to the state’s energy future.

Blackstone has been expanding its footprint in natural gas and power generation. The firm recently invested in the 774-megawatt Potomac Energy Center in Virginia and is advancing around 1,600 megawatts of new-build generation projects in the U.S.

Financial terms were not disclosed beyond the nearly $1 billion purchase price. Santander and Houlihan Lokey advised Blackstone on the deal, while Kirkland & Ellis served as legal counsel.