Blackstone Investing $1.2 Billion for 600-MW Gas-Fired Plant in West Virginia

Core Insights - Blackstone is investing in the construction of a 600-MW combined-cycle natural gas-fired power plant in West Virginia, marking the first of its kind in the state [1] - The project, Wolf Summit Energy, is expected to create approximately 500 jobs during construction and is affiliated with Old Dominion Electric Cooperative (ODEC), which serves around 1.5 million customers [1] - Blackstone's investment strategy focuses on energy-related businesses, having committed over $27 billion globally across various sectors within the energy industry [1] Investment Details - The final investment decision for the Wolf Summit project was announced on November 13, with a total investment of $1.2 billion [1] - Blackstone Energy Transition Partners is the division responsible for this investment, emphasizing control-oriented equity investments in energy [1] - The facility will utilize GE Vernova's 7HA.02 gas turbine, which is designed to meet the rising energy demands from AI and industrialization [1] Strategic Importance - The addition of Wolf Summit to ODEC's power supply portfolio is seen as crucial for meeting long-term energy and capacity needs, while also mitigating risks associated with transmission constraints and energy price volatility [1] - West Virginia's Governor highlighted the investment as a sign of the state's growing status as a global energy player, reinforcing its position for energy growth and investment [1] - Blackstone is recognized as the world's largest alternative asset manager, with over $1.2 trillion in assets under management, indicating its significant influence in the investment landscape [1]