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Expected to Generate Enough Electricity to Power 500,000 Homes in Louisiana, Project Construction Created Over 400 Local Construction Jobs
Blackstone (NYSE: BX) announced today that private equity funds managed by Blackstone Energy Transition Partners ("Blackstone") have completed construction of the Magnolia Power Generating Station ("Magnolia Power"), a 694-megawatt greenfield combined cycle gas turbine ("CCGT") power plant in Plaquemine, Louisiana. Today's announcement marks the beginning of commercial operations at the plant.
Blackstone, through its North American power platform, Kindle Energy, started developing Magnolia Power in 2021, at a time when the digitization of data and AI were beginning to contribute to increasing power demand and cementing Kindle's leading position in gas power development. Construction, which has been underway since 2022, created more than 400 local construction jobs. The facility is expected to produce enough electricity to power more than 500,000 homes per year in Louisiana and is the first hydrogen-capable, advanced-class generator plant in Midcontinent Independent System Operator (MISO) South.
Bilal Khan, Senior Managing Director at Blackstone, said: "Blackstone is proud to invest in new energy supply generation needed to fuel economic growth and support rising power demand in the region. We are excited to have backed this critical project, which has created hundreds of jobs and will help deliver more affordable, efficient and reliable electricity for Louisiana."
Lee Davis, CEO of Kindle Energy, said: "This marks an important milestone for our company as we continue to build new, efficient power generation for our valued partners and customers in Louisiana, Colorado, and West Virginia. We look forward to our continued partnership with Blackstone to support rising energy needs in North America."
"Magnolia Power Generating Station will help deliver affordable and reliable electricity to more than 500,000 homes while supporting hundreds of American jobs in Louisiana," said U.S. Deputy Secretary of Energy James P. Danly. "Projects like this reflect President Trump's leadership to unleash American energy and enable the infrastructure needed to power our nation and meet growing electricity demand."
Blackstone is a leader in investing in power generation needed to meet rising energy demand. Blackstone Energy Transition Partners has also made recent investments in Wolf Summit Energy Center , a 600-megawatt greenfield combined-cycle gas turbine ("CCGT") power generation facility in Harrison County, West Virginia, Hill Top Energy Center , a 620-MegaWatt natural gas power plant in Western Pennsylvania, and Potomac Energy Center , a 774-megawatt natural gas power plant in Loudoun County, Virginia, and has invested in approximately 2 GigaWatts of power generation capacity over the last year in the United States.
About Blackstone Energy Transition Partners
Blackstone Energy Transition Partners is Blackstone's strategy for control-oriented equity investments in energy-related businesses, 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 more reliable, affordable and cleaner energy to meet the growing needs of the global community. In the process, we work to 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 Blackstone
Blackstone is the world's largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone's $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com . Follow @Blackstone on LinkedIn , X (Twitter) , and Instagram .
View source version on businesswire.com: https://www.businesswire.com/news/home/20260225463871/en/
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