Last week, Blackstone announced that private equity funds affiliated with Blackstone Energy Transition Partners have entered into a definitive agreement to acquire the Hill Top Energy Center, a 620-megawatt combined-cycle natural gas power plant in Western Pennsylvania for nearly $1 billion (roughly $1,600/MW), from Ardian, a global private investment firm. Hill Top is one of the newest and most efficient combined-cycle natural gas plants in the country. According to data from Hitachi Energy’s Velocity Suite research team, since opening in July of 2021, the plant has generated more than 18 million megawatt hours (MWh) with an average, relatively low, heat rate of 6,650 Btu/kWh. The plant is in Greene County, PA, and participates in the PJM Interconnection power market. Today, natural gas accounts for about 60% of the electricity production in Pennsylvania – in 2005, the fuel represented only 5% of the state’s production. According to Blackstone, the Hill Top purchase is part of the company’s plan to invest more than $25 billion “to support the build out of Pennsylvania’s digital and energy infrastructure supporting the AI revolution and help catalyze an additional $60 billion investment into the Commonwealth.” Powering good!
Blackstone Announces Agreement to Acquire Hill Top Energy Center in Western Pennsylvania for Nearly $1 Billion: https://lnkd.in/dXVVcTty
Ardian Announces Sale of Hill Top Energy Center to Blackstone: https://lnkd.in/dNDX2ghN
Charts: Hitachi Energy Velocity Suite, image: Adobe Stock