Blackstone Funds Acquire Hill Top Energy for $1 Billion

Blackstone has announced on Monday that private equity (PE) funds affiliated with Blackstone Energy Transition Partners have agreed to acquire 620 MW Hill Top Energy Center, a natural gas power plant in Western Pennsylvania for nearly $1 billion, from Ardian, a global private investment firm.

This transaction follows Blackstone’s recent July 2025 announcement that it would invest over $25 billion to support the build out of Pennsylvania’s digital and energy infrastructure supporting the AI revolution and help catalyse an additional $60 billion investment into the Commonwealth.

Hill Top is one of the newest and most efficient combined cycle gas turbine plants in the country with among the best-in-class operating performance – situated in an area of the country that is well suited to serve as a strategic hub to power America’s AI future.

Completed in 2021 and located in Greene County, Pennsylvania, Hill Top will continue to help support the power needs related to data center development and other use cases in the Pennsylvania-New Jersey-Maryland (PJM) electric market.

Key Center

Bilal Khan, a Senior Managing Director, and Mark Zhu, a Managing Director, at Blackstone Energy Transition Partners, said that the electricity infrastructure required to power the AI revolution requires a tremendous amount of capital.

“We are proud to make our latest investment in this sector, which is among our highest conviction investment themes, in Western Pennsylvania. 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,” they added.

US Senator Dave McCormick said that in addition to the historic $25 billion investment Blackstone has announced at their Energy and Innovation Summit in Pittsburgh this summer, he was thrilled to see Blackstone deepening its commitment to Pennsylvania’s energy infrastructure.

Blackstone is a leader in investing in the infrastructure powering AI – across not just energy but a wide array of areas. Blackstone is the largest data center provider in the world with major investments in both Pennsylvania and globally.

Blackstone also recently made an investment in Potomac Energy Center, a 774 MW natural gas power plant in Loudoun County, Virginia, and has been in late-stage development or construction for approximately 1.6 GW of new-build power generation capacity over the last three and a half years in the US.

Santander and Houlihan Lokey served as financial advisors and Kirkland & Ellis served as a legal advisor to Blackstone Energy Transition Partners on this transaction.