Blackstone plans to acquire a natural gas power plant in Pennsylvania in a deal valued at $1 billion, as the race for AI continues to dominate the energy industry. 

The private equity funds affiliated with Blackstone Energy Transition Partners is set to purchase Hill Top Energy Center, which is owned by Ardian, a private investment firm.  

The Hill Top Energy Center is a 620-megawatt natural gas-fired combined cycle turbine plant, located in Greene County, Pennsylvania. The natural gas plant started functioning in 2021 and provides power-related requirements to the Pennsylvania, New Jersey, and Maryland electric markets. 

Blackstone stated that it has “been in late-stage development or construction for approximately 1,600 megawatts of new-build power generation capacity” for the last three and a half years in the United States. 

Recently, Blackstone announced its plans to purchase TXNM Energy for $61.25 per share in cash, valuing the enterprise at $11.5 billion. The acquisition will be fully funded with equity, preserving TXNM’s existing leverage levels, and is expected to close in the second half of 2026. 

In January, Blackstone also acquired Potomac Energy Center, a 774-megawatt natural gas power plant in Loudoun County, Virginia, from Ares Management, which had owned the facility since 2021. The Potomac Energy Center is home to approximately 25% of U.S. data center capacity, and the plant is situated near over 130 data centers, with significant growth anticipated in the region.  

In July, Blackstone revealed its plans to invest over $25 billion to support the development of Pennsylvania’s digital and energy infrastructure.  

The initiative will deploy capital through Blackstone’s infrastructure and real estate funds, with plans to unlock more than $60 billion in regional economic development over the coming decade.