Blackstone Announces Agreement to Acquire Hill Top Energy Center in Western Pennsylvania for Nearly US$1 Billion

Blackstone Energy Transition Partners has entered into a definitive agreement to acquire Hill Top Energy Center, a 620-MW natural gas power plant in Western Pennsylvania, for nearly US$1 billion from Ardian, a global private investment firm.

This transaction follows Blackstone’s recent July 2025 announcement that it would invest to support the build-out of Pennsylvania’s digital and energy infrastructure, supporting the AI revolution and helping catalyze an additional US$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. 

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