Overview

• Blackstone Energy Transition Partners agreed to acquire the 620‑MW Hill Top Energy Center in Greene County, Pennsylvania, from Ardian for nearly $1 billion, with the deal announced Sept. 15–16.
• Hill Top, which opened in 2021, is a modern combined‑cycle facility that Blackstone says is positioned to support AI and data‑center loads in the PJM market.
• The implied price of about $1,600 per kW tops recent comparables, including Vistra’s May portfolio at roughly $743/kW and NRG’s March purchase at about $760/kW.
• The acquisition advances Blackstone’s plan to invest more than $25 billion in Pennsylvania’s energy and digital infrastructure and follows its January purchase of the 774‑MW Potomac Energy Center and a July joint venture with PPL to build new gas plants under long‑term agreements.
• Market data from Enverus show natural‑gas plant deal value rose to $4.3 billion in 2024 from $3.1 billion in 2023, with per‑plant valuations roughly doubling since 2020 in gas‑rich regions.