The acquisition is part of the firm's strategy to invest in infrastructure that supports the growing demand for electricity from data centers.
In a move that solidifies its position at the forefront of the AI-driven infrastructure boom, Blackstone has entered into a definitive agreement to acquire the Hill Top Energy Center, a highly efficient 620-megawatt natural gas power plant in Western Pennsylvania, for nearly $1 billion. This acquisition, from private investment firm Ardian, marks a significant step in Blackstone's strategy to capitalize on the soaring demand for electricity from data centers, which are the backbone of the artificial intelligence revolution.
This transaction is a direct follow-up to Blackstone’s historic announcement in July 2025 that it would invest over $25 billion to build out Pennsylvania's digital and energy infrastructure. That initial commitment was projected to catalyze an additional $60 billion in investment into the Commonwealth, and the Hill Top acquisition demonstrates Blackstone’s immediate execution on that promise.
Located in Greene County, Pennsylvania, the Hill Top Energy Center was completed in 2021 and is recognized as one of the newest and most efficient combined cycle gas turbine plants in the United States. Its strategic location within the Pennsylvania-New Jersey-Maryland (PJM) electric market makes it an ideal asset to power the massive energy needs of developing data centers in the region.
Blackstone executives Bilal Khan and Mark Zhu of Blackstone Energy Transition Partners emphasized the critical role of such investments. "The electricity infrastructure required to power the AI revolution requires a tremendous amount of capital," they stated. They see Hill Top as a "best-in-class" facility, uniquely positioned to help Pennsylvania become a key center for AI innovation.
The acquisition of Hill Top is not an isolated event. Blackstone, which already holds the title of the world's largest data center provider, has been making significant investments in this sector. Earlier this year, the firm invested in the Potomac Energy Center, a 774-megawatt natural gas power plant in Loudoun County, Virginia, and has been in development or construction for approximately 1,600 megawatts of new-build power generation capacity across the U.S. over the last three and a half years. These investments highlight a broader trend where reliable, large-scale power plants are becoming highly sought-after assets for funds seeking to support the explosive growth of AI.
As the demand for AI technology continues to grow, the need for robust and reliable energy infrastructure will only increase, making strategic acquisitions like the Hill Top Energy Center a crucial component of the modern investment landscape.
