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Blackstone acquires Hill Top Energy Center for nearly $1bn in Pennsylvania

Blackstone Energy Transition Partners announces the acquisition of a 620-megawatt gas-fired power plant for nearly $1bn, reinforcing its energy investment strategy at the core of America’s digital infrastructure.

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Blackstone Energy Transition Partners, the energy division of U.S. investment firm Blackstone, has entered into a definitive agreement to acquire Hill Top Energy Center, a natural gas power plant in Western Pennsylvania, for a sum close to $1bn. The 620-megawatt facility was sold by Ardian, a French private equity firm.

A strategic plant for the PJM grid

Hill Top Energy Center is one of the newest facilities in the PJM (Pennsylvania-New Jersey-Maryland Interconnection) network, which oversees the electricity market in part of the U.S. East Coast. Commissioned in 2021 in Greene County, the plant uses a combined-cycle natural gas turbine with high energy efficiency. This acquisition aligns with a focused investment strategy targeting critical infrastructure needed for the growth of artificial intelligence.

Extension of massive commitments in Pennsylvania

In July 2025, Blackstone announced an investment plan exceeding $25bn aimed at developing digital and energy infrastructure in Pennsylvania. The acquisition of Hill Top complements this commitment, at a time when data centre energy demand is rapidly increasing. Blackstone also stated its intention to catalyse up to $60bn in additional investment in the state.

Expanded thermal generation capacity

This purchase comes as Blackstone continues to expand its portfolio in thermal generation. The company also holds interests in Potomac Energy Center, a 774-megawatt natural gas facility in Virginia, and has initiated the construction or development of nearly 1,600 megawatts of additional capacity in the United States over the past three years.

Financial and legal advisors involved

For this transaction, Santander and Houlihan Lokey acted as financial advisors to Blackstone Energy Transition Partners, while the law firm Kirkland & Ellis advised on legal matters. No specific financial details of the transaction or future plans for the facility have been disclosed.

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