Blackstone Announces Agreement to Acquire Hill Top Energy Center in Western Pennsylvania for Nearly $1 Billion

Blackstone (NYSE: BX) announced today that private equity funds affiliated with Blackstone Energy Transition Partners (collectively, "Blackstone Energy Transition Partners") have entered into a definitive agreement to acquire Hill Top Energy Center ("Hill Top"), a 620-megawatt natural gas power plant in Western Pennsylvania for nearly $1 billion, from Ardian, a global private investment firm.

This transaction follows Blackstone's recent July 2025 announcement that it would invest over $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.

Hill Top is one of the newest and most efficient combined cycle gas turbine plants in the country with among the best-in-class operating performance situated in an area of the country that is well suited to serve as a strategic hub to power America's AI future. Completed in 2021 and located in Greene County, Pennsylvania, Hill Top will continue to help support the power needs related to data center development and other use cases in the Pennsylvania-New Jersey-Maryland ("PJM") electric market.

Bilal Khan, a Senior Managing Director, and Mark Zhu, a Managing Director, at Blackstone Energy Transition Partners, said: "The electricity infrastructure required to power the AI revolution requires a tremendous amount of capital. We are proud to make our latest investment in this sector – which is among our highest conviction investment themes – in Western Pennsylvania. Hill Top is among the best-in-class and a highly efficient modern power generation facility that is exceptionally well positioned to help Pennsylvania and the region serve as a key center of AI innovation."

"In addition to the historic $25 billion investment they announced at our Energy and Innovation Summit in Pittsburgh this summer, I am thrilled to see Blackstone deepening its commitment to Pennsylvania's energy infrastructure," said Senator Dave McCormick.

Blackstone is a leader in investing in the infrastructure powering AI – across not just energy but a wide array of areas. Blackstone is the largest data center provider in the world with major investments in both Pennsylvania and globally. Blackstone also recently made an investment in Potomac Energy Center , a 774-megawatt natural gas power plant in Loudoun County, Virginia, and has been in late stage development or construction for approximately 1,600 megawatts of new-build power generation capacity over the last three and a half years in the United States.

Santander and Houlihan Lokey served as financial advisors and Kirkland & Ellis served as a legal advisor to Blackstone Energy Transition Partners on this transaction.

About Blackstone Energy Transition Partners

Blackstone Energy Transition Partners is Blackstone's energy-focused private equity business, a leading energy investor with a successful long-term record, having committed over $27 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering cleaner, more reliable and affordable energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders. Further information is available at https://www.blackstone.com/our-businesses/blackstone-energy-transition-partners/ .

About Ardian

Ardian is a world-leading private investment firm, managing or advising $180bn of assets on behalf of more than 1,850 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients' differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian's main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility. At Ardian we invest all of ourselves in building companies that last. Ardian.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20250914501818/en/

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Jennifer Heath
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Ardian
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First Helium Confirms Plans for Sequential Drilling of Two Oil Targets - Proven Undeveloped Oil Location and Large Leduc Anomaly

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"Given our focus on near-term cash flow opportunities, we are excited to be proceeding with a two-well program targeting proven undeveloped oil reserves at our 7-30 location and exploring the large Leduc anomaly, 7-15, which is approximately five times the areal extent of our successful 1-30 light oil pool discovery," said Ed Bereznicki, President & CEO of First Helium. "This strategic approach allows us to efficiently develop both a proven undeveloped oil opportunity and potentially make a significant discovery at a high-impact exploration oil target while maintaining operational efficiency," added Mr. Bereznicki.

News Provided by GlobeNewswire via QuoteMedia

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Digital Finance Fuels Record Savings Growth in Developing Nations: World Bank

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Fintech Firm Velocity Raises US$10 Million for Enterprise Stablecoin Infrastructure

In what is believed to be the largest European pre-seed funding round of the year, UK fintech startup Velocity has emerged with US$10 million in early backing to develop a stablecoin infrastructure platform.

The initiative is aimed squarely at large enterprises grappling with outdated cross-border financial systems.

The round, led by US-based Activant Capital, brings together global investors and fintech insiders, underscoring growing confidence in stablecoins as a practical tool for enterprise-grade settlement — not just crypto speculation.

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Sample	Ag (g/t)	Pb (%)	Zn (%)	Cu (%)	Description
41550	1240	1.57	0.30	1.36	Grab sample. NE80 Vn structure 2m thick in caved-in 15m-long trench. Dump sample qz-Mn bx with FeMnOx mtx & (CuPbZn)Ox in mtx, vugs & fx
41551	70	2.46	1.21	0.13	Grab sample. NE70 Vn structure. 5x5m, 4m deep pit at the base of a 40m trench dug along structure. Dump Qz-Mn bx with CuOx (azurite, malachite) & Pb-ZnOx
41552	28	0.04	0.21	0.93	5m roadcut channel in thin bedded ss-shales. FeOx in ss mtx; Bed planes and fx are stained w/CuOx
41553	15	0.12	0.90	2.41	Select rock chips (3m)from outcrop in roadcut, approx. 1-3% malachite-azurite
41554	145	2.21	0.56	3.24	Dump sample from 7x5m wide 2.5m deep pit. 1% CuOx (Chrysocolla and FeMnOx) in hematized ss-shales
41555	417	7.58	1.68	2.93	Dump. FeMnOx w/0.5% CuOx (chrysocolla-malachite & trs PbOx). Dumps are scattered all along NE52SW structure
41556	207	8.67	4.28	1.63	Dump @ capped 40-50m shaft in the middle of five open cuts and pits along approx. 100m stretch. Qz-MnVn fragments w/CuOx staining and filling vugs in bedded qz-ss-shales. NE50 structure approx. 2-3m wide dip 80NW
41557	71	0.05	0.30	0.02	Dump sample from a 80m long SE35NW trench by end of road @base of quartzite peak. Massive black-brownish earthy to compact MnFeOx
41558	458	6.21	0.43	7.79	Sample 1/3 dump and 2/3 rock chips from the ceiling of adit entrance located @ middle of qzite peak. N30E poddy qz-Mn vein with ~1-3%CuOx (azurite-malachite-chrysocolla), plus sulfides chalcocite?, gn>sl
41559	241	0.24	0.22	0.06	Dump (mix of MnFeOx dissem & filling breccia plus trs CuOx) from a 30m deep shaft within a 150m long open cut. Source is a Qz-Mn vn 4-5m thick
41560	22	0.51	0.28	0.52	Dump from a ~25m deep, 12m long open cut exposing a NE20 1.5m wide steeply dipping (80deg NE) structure w/Cu staining (azurite-malachite). Felsic dike cuts cgl interbedded with thin layers of silicified shales.
41561	69	0.02	0.06	0.01	Dump. MnFeOx diss, filling breccia& fractures in highly fractured white quartzite. Fx trend N60E
41562	123	0.91	0.58	0.11	Chips 40 cm Vn NE70SW dip NW75. QzMnBx Vn w/Mn fill & trs Cu-PbZn Ox in fx bedded qzite alternating w/pebbly cg & fine to medium grained ss.
41563	72	2.31	0.29	0.08	Dump same litho &minz as above
41564	138	0.63	0.30	0.35	Dump. Same litho &minz as 41565
41565	320	2.44	0.33	0.29	Chips (2m) NE55SW dip70 NW 4-5m wide structure with vein composed of mtx supported qz breccia w/1-2% MnFeOx & (Cu-Pb-Zn)Ox
41566	590	4.89	1.68	0.37	Dump. Same litho as 41567
41567	104	2.62	0.40	0.12	70m deep shaft in a 2-3m wide structure composed of sheeted veins NE75 ⁰ SW dip 70 ⁰ NW in strongly fractured quartzite. Chips collected @ 50 cm fault breccia within the structure w/Fe-MnFeOx, PbOx & minor CuOx.
41568	406	6.11	1.74	0.94	Dump Azurite malachite in MnOx trs py boxworks & vuggy textures w Pb-Zn Ox
41569	51	0.97	0.29	0.05	Chips 2m channel within 6m wide structure composed of a fragment supported silicified qzite breccia cemented w/ MnFeOx and minor Pb-Zn & CuOx in mtx
41570	1090	3.64	0.49	0.89	Dump. Qz-Mn breccia, fx and sheeted veins in a 2 to 4 m wide structure oriented NE58, 72NW in white qzite w/ferruginous matrix. FeMnOx & PbZnCuOx in fx, vugs and matrix. Fine grained galena relics and py boxworks. Trs chlorite alteration in fx.
901	130	1.51	1.80	0.40	Grab sample. MnOx in fx in medium grained qz sandstone. Massive 3cm-thick vns in a pink rhyolite w qz eyes. NE86 dike extends for 100s meters
902	457	0.24	0.87	0.46	Grab sample. Massive MnOx & psilomelane in fine grained rhyolite and coarse red granite. MnOx skw in rhyolite
903	1.6	0.02	0.32	0.00	Grab sample. NS 4m wide trench with MnOx with brecciated wallrock
904	276	1.46	1.69	0.42	Dump. Pile of high-grade dense MnOx with quartz from epithermal vein
906	1.3	0.01	0.09	2.30	Chips 30cm. NE30, 90deg, 30 cm MnOx vein in pink granite
Note: Assays from select samples are not necessarily representative of the mineralization hosted on the property. Abbreviations:Bx-breccia, cgl- conglomerate, deg-degrees, dissem-disseminated, fx-fractures, gn-galene, litho- lithology, mtx-matrix, minz-mineralization, ox-oxides, py-pyrite, qz-quartz, sl-sphalerite, ss-sandstone, trs-traces, vn-vein.

SAMPLE	Northing	Easting	Elev.	Cu	Mo	Zn	Co	Description
No	m	m	m	%	ppm	ppm	ppm	Rock Chip Samples 2x2m Sampling Area
1201	8134576	243185	1711		15.3	33	0.7	Qtz-Tourmaline breccia
1202	8134575	243085	1721		22.5	67	0.8	Intensely fractured diorite with FeOx boxworks
1203	8134566	243075	1707		23.2	69	0.9	Diorite with SS clasts and Fe-oxides + Tourmaline
1204	8134585	243094	1710		41.2	98	5.1	Sandstone with Fe-oxides + Quartz-sericite
1205	8134584	243102	1721		20.5	63	9.9	Diorite with argillic alteration + intense veining of Fe oxides
1206	8134570	243107	1712	0.01	35.3	20	1.7	Diorite + Veining with FeOx + Mn + Neo + Tm
1207	8134507	243151	1714	0.02	37.8	107	58.5	Diorite + Veining with FeOx + Tm
1208	8134485	243190	1729	0.69	130.5	7930	42.3	Diorite, Arg, with SS and Qtz vlts and FeOx boxworks +Tm
1209	8134293	243141	1716	0.01	11.05	146	13.8	Diorite, Arg with SS and Qtz vlts and FeOx boxworks +Tm
1210	8134454	243330	1729	0.04	37.3	45	4.8	Diorite, Arg altered, qtz-FeOx + Tm + fine alunite? in matrix.
1211	8134676	242844	1728	0.02	34	138	10.9	Diorite Sil, Qtz vlts, Mn-Tm, intense angular fractures.
1214	8134817	242754	1729	0.01	17.35	23	9.3	Diorite, Arg Alteration, Vlts of Qz, FeOx, Mn +Tm
1215	8134846	242718	1728	0.01	20.2	33	33.7	Polymictic Bx frag of SS with FeOx veins + Mn
1217	8134918	242865	1718	0.01	7.48	22	11.7	Diorite QSP with Qtz vlts and FeOx-Mn
1218	8134971	242872	1711	0.01	7.37	23	11.6	Diorite QS with FeOx, Mn veins + intense fractures.
1226	8136321	244504	1886	1.84	1.38	1115	42.5	Polymictic Bx, pseudostratified with presence of malachite
1227	8136164	244682	1852	1.71	5.56	2490	176.5	Polymictic Bx, pseudostratification + malachite and Mn
1229	8136181	244817	1852	3.46	16.15	1480	185	Polymictic Bx?, with malachite and Mn in matrix
1230	8136224	244609	1887	0.46	5.73	373	11.8	Polymictic Bx?, with malachite and Mn in matrix
1231	8136198	244557	1589	1.26	2.43	1050	39.6	Polymictic Bx?, with malachite and Mn in matrix
1232	8136152	244500	1884	0.7	3.75	487	22.5	Subhorizontal polymictic Bx with malachite and Mn in matrix
1234	8136108	244494	1876	0.41	4.77	553	54	Polymictic Bx with malachite and Mn in subhorizontal horizons
1235	8136033	244518	1878	0.44	5.02	547	24.1	Polymictic Bx with malachite and Mn in subhorizontal horizons
1236	8136080	244564	1853	0.76	7.91	1270	245	Polymictic Bx with malachite and Mn in subhorizontal horizons
1237	8135958	244587	1856	1.54	6.34	774	57.2	Polymictic Bx with malachite, atacamite and Mn
1239	8135880	244513	1863	0.25	4.36	379	20.6	Polymictic Bx with malachite in a subhorizontal horizon
1240	8135792	244510	1861	0.82	4.1	410	17.1	Polymictic Bx with malachite in a subhorizontal horizon
1241	8135679	244568	1852	0.38	6.14	506	26.5	Polymictic Bx with malachite in a subhorizontal horizon
1242	8135353	244010	1789	0.12	3.2	2100	146	Polymictic Bx with malachite in a subhorizontal horizon
1244	8135443	244065	1792	0.32	4.38	1500	115	Polymictic Bx with malachite in a subhorizontal horizon
1245	8134403	242718	1674	0.01	14	31	8.9	Diorite, Arg., with Mn in irregular veins
1246	8134540	242985	1691	0.01	51	241	34.4	Diorite, Arg., with Mn in irregular veins
1247	8134364	242830	1667		23	55	3.5	Diorite, Qtz, Tm, FeOx in boxworks + intense fracturing + veins
1249	8134200	242674	1645		5.79	49	6.3	Quartzite/SS with FeOx in veinlets/fractures and presence of Tm
1250	8134158	242640	1637		17.05	11	1.6	Quartzite/SS with FeOx in veinlets/fractures and presence of Ser
1751	8134093	242562	1628		26.9	48	19.7	Bx of quartzite/SS with FeOx boxworks + FeOx in fractures
1752	8134627	242082	1626		12.2	84	18.1	Diorite, Arg, FeOx + quartzite/SS with FeOx boxworks
1754	8134434	242254	1645	0.02	59.5	89	1.7	Vein?, QSP, malachite and OxFe in fractures and boxworks
1755	8134249	242291	1634		12.3	7	1.1	Bx, QSP +FeOx boxworks +quartz
1756	8134244	242276	1643		4.87	27	3.6	Bx, QSP, presence of FeOx boxworks + quartz
1757	8134220	242248	1651		10.25	139	29.4	Bx, subangular fragments, Qtz-Tm?
1759	8134070	242351	1607		10.05	29	2.8	Diorite, QSP, FeMo in fractures, FeOx +intense fracturing
1760	8134168	242265	1644		13.8	121	18.7	Bx, quartz veins with FeOx, Mn and Tm in fractures
Notes: Bx-Breccia, Qtz-Quartz, Tm-Tourmaline, Vlts-veinlets, FeOx-Iron Oxides, FeMo-ferrimolybdenite, Mt-magnetite, SS-sandstone, Py-Pyrite, Ep-Epidote, Chl-Chlorite, Arg-Argillic, QSP-Quartz-sericite-pyrite, Ser-Sericite, Sil-Silicified, Lim-Limonite, Neo-Neotocite, Mn-Manganese, Qtz-Quartz, V-Very, Frac-Fractured

SAMPLE	Northing	Easting	Elev.	Cu	Mo	Zn	Co	Description
No	m	m	m	%	ppm	ppm	ppm	Rock Chip Samples 2x2m Sampling Area
1153	8136819	244380	1953	0.44	0.77	2010	79.9	Quartz Diorite, FeOx + Malachite + Mn + Tm?
1159	8136708	244451	1940	0.01	6.31	59	7.6	Quartz Diorite, Qtz Veinlets + FeOx + Calcite
1160	8136536	244530	1929	0.01	6.84	71	4.2	Aplite Dyke, FeOx + Neotocite
1161	8136324	244719	1959	3.88	1.47	3540	281	Polymictic Bx, Qtz + Tm + Ox Cu + Mn
1162	8136329	244714	1959	2.84	1.75	2510	237	Polymictic Bx, Qtz + Tm + Ox Cu + Mn
1163	8136311	244723	1955	3.34	1.39	1905	238	Polymictic Bx, Qtz + Tm + Ox Cu + Mn
1164	8136313	244674	1853	3.85	1.46	1885	323	Polymictic Bx, Qtz + Tm + Ox Cu + Mn
1165	8136818	244384	1954	3.17	1.26	1600	210	Quartz Diorite, FeOx, CuOx, Malachite + Mn + Tm?
1166	8136818	244384	1954	0.22	0.54	1490	68.3	Quartz Diorite, FeOx, CuOx, Malachite + Mn + Tm?
1167	8136818	244384	1953	1.10	1.49	2030	155.0	Quartz Diorite, FeOx, CuOx, Malachite + Mn + Tm?
1168	8136818	244384	1953	0.07	0.34	361	23.20	Quartz Diorite, FeOx, CuOx, Malachite + Mn + Tm?
1169	8136818	244384	1953	0.42	0.89	3270	136.5	Quartz Diorite, FeOx, CuOx, Malachite + Mn + Tm?
1171	8136739	244409	1930	4.67	1.76	3060	209	Quartz Diorite, Arg Alteration, Qtz Vlts, FeOx, + Vlts Calc
1172	8136324	244719	1932	4.71	1.63	2030	383	Polymictic Bx, Qtz + Tm + Ox Cu + Mn
1173	8136329	244714	1853	1.15	1.32	2730	286	Polymictic Bx, Qtz + Tm + Ox Cu + Mn
1174	8136311	244723	1853	1.45	1.28	1155	26.4	Polymictic Bx, Qtz + Tm + Ox Cu + Mn
1188	8134456	241824	1917	0.01	14.8	65	30.9	Breccia, FeOx, Lim boxworks
1189	8134615	241913	1922	0.01	28.8	24	4.70	Polymictic Bx, FeOx in fractures
1191	8135447	242573	1930	0.02	10.2	82	17.20	Quartz vein, Strong Fracturing with FeOx + Mn
1192	8134631	243258	1926	0.02	6.54	98	5.80	Andesite fragment, FeOX, Intense Fracturing
1193	8134646	243282	1929	0.01	2.46	27	2.20	Quartz Diorite, QS Alteration, Very Fractured
1194	8134745	243125	1929	0.01	2.95	48	2.60	Quartz Diorite, FeOx, Turgite,
1195	8134797	243341	1925		3.08	77	0.80	Quartz Diorite, FeOx, Turgite, Intense Fractures
1196	8134471	243472	1924		14.8	42	4.00	Quartz Diorite, Quartz Vlts, FeOx boxworks, Intense Frac.
1197	8134164	243266	1917		3.76	95	3.60	Diorite with Qtz Vlts, Leached - FeOx + Qtz Tm vlts
Notes: Bx-Breccia, Qtz-Quartz, Tm-Tourmaline, Vlts-veinlets, FeOx-Iron Oxides, Mt-magnetite, Py-Pyrite, Ep-Epidote, Chl-Chlorite, Lim-Limonite, Neo-Neotocite, Mn-Manganese, Calc-Calcite, V-Very, Frac-Fractured

Blackstone Announces Agreement to Acquire Hill Top Energy Center in Western Pennsylvania for Nearly $1 Billion

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