Blackstone Energy to acquire Hill Top Energy Center for nearly $1bn

Core Insights - Blackstone Energy Transition Partners has signed an agreement to acquire Hill Top Energy Center, a 620MW natural gas power plant in Western Pennsylvania, for nearly $1 billion [1] - The acquisition supports Blackstone's strategy to invest over $25 billion in Pennsylvania's digital and energy infrastructure, aiming to stimulate an additional $60 billion in funding [2] - The electricity infrastructure is crucial for powering the AI revolution, with rising electricity consumption driven by industrial onshoring and the growth of AI data centers [5][6] Company Actions - Blackstone Energy Transition Partners is focusing on investments in natural gas-fired generation, with Hill Top being a highly efficient facility positioned to support AI innovation in the region [4][5] - Financial advisors for the transaction include Santander and Houlihan Lokey, with Kirkland & Ellis serving as legal advisor [3] Market Context - The demand for electricity is increasing due to the proliferation of AI data centers, which are identified as key drivers of growth in the energy sector [5][6] - Blackstone Energy Transition Partners previously agreed to acquire the 774MW Potomac Energy Center in Virginia, indicating a broader strategy in the natural gas power generation market [6]