Private equity funds affiliated with Blackstone Energy Transition Partners have agreed to acquire Hill Top Energy Center, a 620-megawatt natural gas power plant in Western Pennsylvania, for nearly $1 billion from private investment firm Ardian.
The deal comes after Blackstone recently said in July that it will invest more than $25 billion to support the build out of Pennsylvania’s digital and energy infrastructure, and help catalyze an additional $60 billion investment into the Commonwealth. Santander and Houlihan Lokey served as financial advisors and Kirkland & Ellis served as a legal advisor to Blackstone.
Hill Top is one of the newest and most efficient combined cycle gas turbine plants in the country. Completed in 2021 and located in Greene County, the facility will continue to help support power needs and data center development in the region. Blackstone also recently made an investment in Potomac Energy Center, a 774-megawatt natural gas power plant in Loudoun County, Virginia.
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