Blackstone invests $1.2 billion to build a power plant in West Virginia

Blackstone announced on Thursday that its unit will invest around $1.2 billion in building a power station in West Virginia. The asset manager is stepping up efforts to meet the surging demand for electricity due to artificial intelligence and industrial expansion.

Utilities, large investors and data center operators have increased their funding to build more power capacity.

The Wolf Summit Energy Project, a 600-megawatt natural gas combined-cycle plant in Harrison County, will provide power to Old Dominion Electric Cooperative which services about 1.5 million people across Virginia, Maryland, and Delaware.

Bilal Khan is a senior managing Director at Blackstone. He said, "Helping to meet the growing demand for electricity in AI and other areas" was one of his most conviction themes.

The company stated that the Final Investment Decision made last week provides funding for the project and allows it to begin construction.

The gas turbine will be manufactured by GE Vernova.

The project is part of Blackstone's recent investments in Pennsylvania and Virginia, which total over 1,600 Megawatts. (Reporting and editing by Leroy Leo in Bengaluru, Katha Kalia in Bengaluru and Arunima Kumar)

(source: Reuters)