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In a blockbuster energy transaction, Blackstone will pay nearly $1 billion to acquire the Hill Top Energy Center, a massive natural gas-fired power plant in Western Pennsylvania, from French investment firm Ardian, the companies confirmed Monday.

A New Engine for America’s AI Future

Completed in 2021, the 620-megawatt combined cycle facility has quickly been branded a modern marvel of efficiency. Blackstone hailed it as “one of the newest and most efficient plants in the country,” adding that the site is primed to serve as a strategic hub powering America’s AI boom.

The plant will continue fueling data centers across Pennsylvania, New Jersey and Maryland, placing it at the heart of the digital economy’s power demands.

“The electricity infrastructure required to power the AI revolution requires a tremendous amount of capital,” said Bilal Khan, senior managing director, and Mark Zhu, managing director at Blackstone Energy Transition Partners, in a joint statement. “Hill Top is best-in-class—highly efficient, modern, and positioned to make Pennsylvania a critical hub for AI innovation.”

Blackstone’s Expanding Energy Portfolio

Calling itself “the largest data center provider in the world,” Blackstone has ramped up its energy investments. In July, the firm announced plans to pour $25 billion into Pennsylvania’s digital and energy infrastructure, cementing the state’s role as a backbone for future data demands.

The Hill Top purchase comes on the heels of Blackstone’s investment in Potomac Energy Center, a 774-megawatt facility in Loudoun County, Virginia. Over the last three and a half years, the private equity titan has overseen the development or construction of 1,600 megawatts of new U.S. power generation capacity.

Ardian’s Exit Strategy

For Ardian, the sale marks the end of a successful investment cycle. The firm’s Infrastructure team boasted of on-time and on-budget construction, operational optimization, and capital structure enhancements.

Ardian first acquired a 41.9% stake in Hill Top in July 2019 before taking full ownership in April 2025.

“We had conviction that a new state-of-the-art plant, fueled by abundant, clean-burning natural gas, was a winning bet,” said Mathias Burghardt, Ardian’s head and founder of infrastructure. “For over 20 years, Ardian has invested in clean, efficient power generation in growing markets, and we intend to continue long into the future.”

Legal and Financial Powerhouses Behind the Deal

The transaction was steered by some of Wall Street’s top advisers.

• Santander and Houlihan Lokey advised Blackstone.

• Solomon Partners and Macquarie Capital guided Ardian.

• Kirkland & Ellis LLP represented Blackstone, while Gibson Dunn & Crutcher LLP acted for Ardian.

The Gibson Dunn team was led by partners Tomer Pinkusiewicz and Rahul Vashi, joined by partners Michael Cannon, Tory Lauterbach, and Bradley Smith.