According to the Washington Business Journal, Blackstone has agreed to purchase the Potomac Energy Center, a 774-megawatt natural gas power plant located in Virginia’s “Data Center Alley,” for approximately $1 billion. The private equity firm plans to acquire this property, previously known as Panda Stonewall Energy Facility and situated within PJM Interconnection in Loudon County. Ares Management Corp., based in Los Angeles and owner of the facility since 2021, is selling it. Santander and Jefferies LLC acted as M&A advisors for Blackstone during this transaction.
Bilal Khan, Senior Managing Director at Blackstone Energy Transition Partners stated that “This investment demonstrates our dedication towards investing in electric infrastructure necessary for powering AI innovation.” He also added that they believe Potomac is strategically positioned to meet the growing demand for power from data centers in Northern Virginia.
The news was originally published on Connect CRE website.
