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.”
