07:00 AM EST, 01/24/2025 (MT Newswires) -- Blackstone (BX), through its Energy Transition Partners unit, has agreed to buy the 774-megawatt Potomac Energy Center in northern Virginia, Reuters reported Thursday, citing a statement from the asset manager.

Blackstone said that the natural gas-fired power plant, built in 2017, is located near Washington, DC, an area that houses about 25% of US data center capacity.

Sources told Reuters the deal is valued at approximately $1 billion. Ares Management (ARES) previously owned the plant.

Blackstone's Senior Managing Director Bilal Khan noted the plant's efficiency, young age, and proximity to data centers as key factors driving the acquisition.

Blackstone did not immediately respond to MT Newswires' request for comment.

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