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]

Blackstone said on Monday it has agreed to acquire Hill Top Energy Center, a 620-megawatt natural gas power plant in Western Pennsylvania, for nearly $1 billion. ...

(Reuters) - Blackstone said on Monday it has agreed to buy a natural gas plant in Western Pennsylvania for nearly $1 billion, as the investment firm bets on rising U.S. electricity demand to power artificial intelligence technologies. U.S. power demand is projected to reach record levels in 2025, driven by data centers for AI and cryptocurrency technologies, as well as higher residential and commercial consumption. The private equity funds affiliated with Blackstone Energy Transition Partners will buy th ...