Energy

Blackstone buys Pennsylvania power plant for $1 billion

Ken Metral

15 Sep 2025 — 1 min read

Credit: Hilltop Energy, Inc.

Blackstone has agreed to purchase the Hill Top Energy Center, a 620-megawatt natural gas power plant in Western Pennsylvania, for nearly $1 billion. The deal underscores the private equity giant’s strategy to invest heavily in U.S. electricity infrastructure as demand soars, driven by the rapid adoption of artificial intelligence technologies.

The plant, which began operations in 2021, is currently owned by Ardian, a private investment firm. Once completed, the acquisition will be executed through Blackstone Energy Transition Partners, the company’s private equity funds focused on energy assets.

Betting on the AI Power Boom

U.S. power consumption is projected to hit record highs in 2025, propelled by the growth of AI and cryptocurrency data centers alongside rising residential and commercial demand. Blackstone executives Bilal Khan and Mark Zhu emphasized the role of reliable energy in fueling technological growth.

“The electricity infrastructure required to power the AI revolution requires a tremendous amount of capital," Khan and Zhu said. "The Hill Top plant is well-positioned to support this boom.”

Part of a Larger Investment Push

The acquisition adds to a series of recent moves by Blackstone to expand its energy portfolio. In July, the firm announced plans to invest more than $25 billion to strengthen Pennsylvania’s digital and energy infrastructure to meet AI-driven demand.

Earlier this year, Blackstone agreed to acquire TXNM Energy in an $11.5 billion transaction and invested in the Potomac Energy Center, a 774-megawatt natural gas facility in Virginia.

Strategic Positioning

Natural gas plants like Hill Top are increasingly seen as critical in bridging the energy gap as the U.S. works toward decarbonization goals while simultaneously meeting the surge in power-hungry AI data centers. Blackstone’s investments suggest it intends to play a leading role in shaping the future of America’s energy landscape.

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