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Blackstone to Acquire $1B Natural Gas Power Plant In VA
Blackstone has agreed to acquire the 774-MW Potomac Energy Center, a natural gas power plant located in Virginia’s “Data Center Alley,” in a deal valued at approximately $1 billion, reported the Washington Business Journal.
The private equity firm plans to buy the property, previously known as the Panda Stonewall Energy Facility, which is situated within PJM Interconnection in Loudon County. The seller is Los Angeles-based investment firm Ares Management Corp., which has owned the facility since 2021. Santander and Jefferies LLC served as M&A advisors to Blackstone on the transaction.
“This investment underscores Blackstone’s commitment to investing in the electric infrastructure required to power AI innovation,” said Bilal Khan, Senior Managing Director at Blackstone Energy Transition Partners. “We believe Potomac is well-positioned to help meet data center-driven power demand growth in Northern Virginia.”
