Private equity funds affiliated with Blackstone Energy Transition Partners have agreed to pay nearly $1 billion to acquire Hill Top Energy Center, a state-of-the-art 620-megawatt natural gas power plant in western Pennsylvania, from Ardian.
Completed in 2021 and located in Greene County, Pa., Hill Top sells energy and capacity to the Pennsylvania–New Jersey–Maryland (PJM) transmission organization, the largest competitive power market in the United States.
Ardian, through its Ardian Americas Infrastructure Funds series, acquired a co-controlling 41.9 percent stake in the power plant in 2019 and purchased the remaining stake in the project in April 2025. During the course of its ownership, the firm’s Infrastructure team generated significant value through proactive industrial asset management, including on-time and on-budget construction execution, operational optimization and capital structure enhancement.
Through these initiatives, Ardian has positioned H
